AIICO Insurance plc last Monday joined other listed companies that have released their full year results to investors and stakeholders at the Nigerian Stock Exchange (NSE). AIICO Insurance plc annual report for the year ended December 31, 2015 shows an unimpressive full year outing from top-to-bottom line figures.
Established in 1963, AIICO Insurance Plc (NSE Ticker: AIICO) is an insurance, pensions management, and asset management Group in Nigeria with market-leading positions in its key business lines: Life Assurance and Annuity; General Insurance and Special Risks; Pension Management; Health Insurance; and Asset Management.
The results
AIICO results at the NSE revealed 2 percent (N729.546million) decline in gross premium written from record highs of N33.64billion in 2014 to N32.91billion in 2015.
Gross Premium Income decreased by 49 percent (N9.88billion) from N20.297billion in 2014 to N10.410billion in 2015. Net Premium Income was down by 58 percent (N9.47billion) from N16.22billion in 2014 to N6.75billion in 2015.
AIICO Insurance plc reported 45 percent (N1.477billion) decline in full year Profit Before Tax (PBT) from a record high of N3.27billion in 2014 to N1.79billion in 2015. It proposed 5kobo dividend.
Profit After Taxation (PAT) was down by 46 percent (N1.037billion) to N1.195 in 2015 from 2014 highs of N2.23billion. The company’s Basic Earnings Per Share (EPS) declined by 44 percent (13.78kobo) to 17.60kobo from 31.38kobo in 2014.
