AIICO Insurance plc has announced a profit before tax of N3.39bn for the nine months ended September 30, 2014, resulting in a 241 percent increase over N995m recorded in the corresponding period of 2013.
The company’s profit after tax grew by 257 percent from N761m in Q3, 2013 to N2.7bn for the period under review.
Gross premium written (GPW) for the period also grew to N27.2bn representing 50 percent growth compared to N18.16bn, while underwriting profit increased by 98 percent from N2.1bn to N4.3bn.
The company’s total assets for the Group also grew by 36 percent from N42bn in Q3, 2013 to N57bn in Q3 2014.
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Edwin Igbiti, the managing director/chief executive officer, AIICO plc, said that the company’s financial performance is evidence of the dexterity and dedication of its people, a customer centric culture and high corporate governance standards.
While also commenting on the 3rd quarter results, Babatunde Fajemirokun, the executive director, said “this is in line with the company’s FY 2014 objectives of strengthening our balance sheet and business model. The upturn in our net earnings is attributable to disciplined underwriting of risks in high-profit segments, improved operational efficiency and focus on value creation.”
Modestus Anaesoronye
