AIICO Insurance Plc said it grew its gross written premiums for the year ended December 31st 2018 by 17.4 per cent to N37.7 billion, from N32.1 billion in 2017.
The company, said the performance was driven by growth in its life and non-life businesses.
According to the Executive Director/ Chief Operating Officer, of AIICO, Mr. Babatunde Fajemirokun, “2018 was significant for the company as it marked the end of a 5-year transformation plan.
“The meticulous execution of our transformation plans continued to yield expected results with year-on-year improvements in our performance,” Fajemirokun added.
According to him, during the period under review, the profit after tax (PAT) of the company continued on the same positive path with a 146 per cent improvement, to close at N3.1 billion, compared with N1.3 billon recorded in 2017.
Also, earnings per share (EPS) increased by 144 per cent, from 18 kobo in 2017, to 44 kobo in 2018.
He said the company’s deliberate approach to risk selection, superior technical underwriting capabilities, actuarial excellence, asset / liability management, reinsurance arrangements and positive movement in yields contributed to over 180 per cent improvements in underwriting profit, from negative N4 billion in 2017, to over N3.2 billion in 2018.
Also speaking, AIICO Managing Director, Mr. Edwin Igbiti, said AIICO is in the business of bringing relief to its esteemed clients in times of losses.
“This is evidenced by over 25 per cent growth in gross claims from N23.3 billion in 2017, to N29.1 billion in 2018. From this amount, about 76 per cent was for benefits and claims payment in life business with the remaining 24 per cent incurred in the non-life business.
“We expect that as the company continues to grow, claims expenses will grow accordingly, however, sound reinsurance arrangements (for Non-Life) and conservative reserves (for Life benefits & claims) have been put in place to moderate impact on the company’s statement of financial position”, he said
Igbiti, said the company’s financial position remains robust and has continued to improve with total assets witnessing 19 per cent growth from N92.4 billion in 2017, to N109.9 billion in 2018. Shareholders’ equities also increased by 38 per cent, to N14.5 billion (from N10.5 billion in 2017).
He added that AIICO financial position was an indicator of its capacity and ability to continue to provide protection and risk assurance services to its clients over the long-term.