AIICO Insurance Plc has reported a continued upward growth trend, announcing a profit after tax of N12 billion for the financial year ending December 31, 2023, a significant increase from the N5.2 billion recorded in the same period of 2022.
During the 54th annual general meeting (AGM) held in Lagos,
the Chairman of AIICO, Mr. Kundan Sainani, informed shareholders that this
profit after tax represents a remarkable increase of 132.6 percent.
Mr. Sainani further highlighted that the year 2023 brought
additional notable achievements for the company, attributed to the diligent
implementation of its business strategy. This resulted in a gross written
premium of N110.1 billion for the year under review, compared to N88.3 billion
in 2022.
He explained that this outcome was facilitated by the
company's transition from IFRS 4 to IFRS 17 standards, which allowed for the
recognition of insurance revenue amounting to approximately N72.6 billion, up
from N54.8 billion in 2022. This transition underscores the company’s
dedication to transparency and sound financial practices.
He remarked that these results were attained despite facing
significant socio-economic challenges, including rising monetary policy rates,
inflation, the removal of fuel subsidies, foreign exchange scarcity, and the
2023 fiscal bill, all of which have contributed to increased domestic prices.
“Despite this challenging environment, 2023 proved to be
another robust year for AIICO, with the company achieving remarkable revenue
and substantial growth. Our profits for the period surged by 132.6 percent to
N12 billion from N5.2 billion in 2022, reflecting a strong underlying
performance across our various business segments,” he stated.
With reference to the current economic dynamics and future
projections, Sainani expressed AIICO’s continued resilience and adaptability.
The company remains committed to providing more favorable terms to its valued
customers and making strategic investments that yield advantageous returns.
Furthermore, AIICO’s Managing Director and Chief Executive
Officer, Mr. Babatunde Fajemirokun, assured shareholders of enhanced value and
improved returns on investment in the coming years.
Mr. Fajemirokun indicated that the board and management are considering allocating a larger portion of future profits towards dividend payments, demonstrating the company’s commitment to rewarding its shareholders.