Underwriting giant, AIICO Insurance Plc at the close of Business in 2018 achieved a profit after tax growth of 146 percent, rising from N1.28 billion in 2017 to N3.15 billion during the review year.
Profit before tax was 15 percent higher in 2018, from N3.041 in the past year to N3.496.
From the profitability recoded during the review year, shareholders received 6 kobo dividend, a 20 percent increase from the payout in 2017.
Bukola Oluwadiya, chairman, AIICO Insurance Plc who disclosed this during the Company’s 49th Annual General Meeting in Lagos said with the 20 percent increase in dividend this year, the board has decided to move towards a progressive dividend policy to deliver superior value to its shareholders.
“Our plan is to maintain or grow the ordinary dividends per share over time depending on business performance, growth prospects and regulatory solvency requirement. Oluwadiya said that despite the challenging business environment the company was able to grow its gross premium written by 17 percent to N37.666 billion, against N32.098 in 2017.
The significant increase the company said was as result of growth in it life and general business lines.
Total assets of the company also rose by 19 percent, moving from N92.413 billion in the past year to N109.988 billion during the review period, while the shareholders fund was N14.53 billion, as against N10.55 billion in 2017, a 38 percent rise.
The company’s net asset value increased by 39.4 percent, moving from N10.9 billion in 2017 to N15.2 billion in 2018.
Going into the future, Oluwadiya stated that the stability of the country’s political environment is a key component in determining and predicting the level of economic growth.
He expressed optimism that its management team is poised to execute strategic options that will take the company to greater heights in 2019 and beyond.
AIICO Insurance Plc., a leading life insurer in Nigeria, commenced operations in 1963. It provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.
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