AIICO Insurance PLC recently organised one day training workshop for the media.
The training was for members of National Association of Insurance and Pension Correspondents (NAIPCO).
The training workshop, which took place today in Lagos with the theme “Financial Understanding and Analysis” is aimed at building journalists’ capacity and broadening their knowledge in the industry’s financial reporting.
This is the second time AIICO would sponsor a training workshop for NAIPCO members. The insurer had organised similar training for journalists in November 2020.
Addressing NAIPCO members, the Managing Director and Chief Executive Officer of AIICO Insurance Plc, Mr. Babatunde Fajemirokun, who was represented at the event by Head, Strategic Marketing and Communications Department, Segun Olalandu, restated the firm’s commitment in ensuring a deliberate and sustained collaborative partnership with the media to build their capacity for enhanced performance.
He said the company was passionate about NAIPCO members and their critical roles in the growth of the industry adding, “We are committed to working with you to achieve your objectives as highlighted to us in your proposal.”
“We are always passionate about NAIPCO. Whenever issues are raised about NAIPCO, we always think of how to work together because of your critical role as a purveyor of information.”
The AIICO MD/CEO who commended the efforts of NAIPCO members in creating awareness and educating the public on the benefits and advantages of insurance as a risk-mitigating mechanism and a tool for poverty alleviation and wealth creation, stressing the prime place of the media in nation-building.
While describing NAIPCO as a “very important association strategic” for the nation’s insurance industry, he assured the group of his company’s continued supports.
Mr. Fajemirokun implored the journalists to redouble their efforts and remain committed to their professional ethics and conduct in order to take the industry to the next level.
Earlier in his opening remarks, the Chairman of NAIPCO and Publisher of Inspen Online, Chuks Udo Okonta, commended AIICO for its support and pledged the association’s commitment to work with AIICO for actualisation of its corporate objectives.
“We are here today because of you. We will never take this for granted. We will ensure that knowledge gained in this training today is used for the growth of the industry. We are indeed grateful.
Meanwhile, AIICO Insurance Plc in its earnings forecast for the third quarter ending 30 September 2021, projected a N53.82 billion gross written premium (GWP) representing 75 percent of the 2021 full-year projection for the third quarter of 2021. Profit after tax was projected to be N3.052 billion.
According to a filing at the Nigerian Stock Exchange, the Non-Life business represents 28 percent of the stated GWP while the Ordinary Life, Group Life and Annuity businesses represent 60 percent, 10 percent and 2 percent respectively.
“Investment income will be driven largely by our bond investments and our investment in other short term financial assets”, said the AIICO boss.
Mutual Benefits Assurance generates N19.98 billion gross premium written in 2020
Mutual Benefits Assurance Plc has said that it generated N19.98 billion gross premium written in 2020, which amounted to a growth of seven per cent.
The Chairman of the Company, Dr. Akin Ogunbiyi, disclosed this at the company’s 25th Annual General Meeting (AGM) held virtually.
He said in spite of the headwinds posed by COVID-19 pandemic, the group’s gross premium written (GPW) moved from N18.70 billion in 2019 to N19.98 billion in 2020.
He said the performance was largely driven by a 12 per cent growth in the firm’s non-life insurance business, which moved from N10.17 billion in 2019 to N11.35 billion in 2020.
Dr. Ogunbiyi, maintained that the group also recorded a five per cent increase in net premium income from N15.29 billion in 2019 to N16.08billion in 2020.
He noted that there was an adverse claims experience resulting in a 32 per cent decline in underwriting profit, from N5.40 billion in 2019 to N3.68 billion in 2020.
The Mutual Benefit Assurance Chairman noted that the drop in underwriting profit was offset by impressive investing activities and improved cost controls, leading to a 34 per cent rise in Profit before Tax.
He said the capital injection of N4.80 billion led to the 22 per cent increase in the total assets from N67.78 billion in 2019 to N82.87 billion in 2020 and the 70 per cent rise in total equity from N14.53 billion in 2019 to N24.69 billion in 2020.
Ogunbiyi said 2021 presents another opportunity to consolidate on the tremendous feats made towards becoming the one-stop shop for provision of financial services solutions in all the company’s countries of operations.
He maintained that even as the business environment remains challenging due to economic uncertainty, the firm’s diversified business model, strong capital position and highly qualified and committed employees, provide the solid base for profitable and resilient growth.
