The figure represents an increase of N6.8 billion or 132.6 per cent from N5.2 billion posted during the corresponding period of 2022.
Mr Kundan Sainani, Chairman of the Board of Directors, AIICO, was quoted to have said in a statement on Monday, after the company’s 54th Annual General Meeting (AGM) o company in Lagos.
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Sainani stated that the insurer also recorded a Gross Written Premium of N110.1 billion during the year under review, against N88.3 billion posted in the year 2022.
He noted that the year 2023 produced other significant gains for the company due to the meticulous execution of the firm’s business strategy.
The chairman noted that the result was achieved following the company’s transition from IFRS 4 to IFRS 17 standard, and a yield of insurance revenue of N72.6 billion in the year 2023, from N54.8 billion recorded in 2022.
The chairman said the results were achieved during socio-economic challenges which contributed to the rise of domestic prices.
The economic challenges, Sainani said, were characterised by the increase in monetary policy rate, inflation, removal of fuel subsidy, forex scarcity and the 2023 fiscal bill.
He said: “Despite this unsettling landscape, 2023 was another strong year for AIICO, with the firm generating impressive record revenue and substantial growth.
“Our profits for the period increased by 132.6 per cent to N12 billion from N5.2 billion in 2022, reflecting strong underlying performance across our businesses.”
Projecting into the future, the chairman said that AIICO remained resilient and adaptable, ready to provide more favourable terms to its valued customers and strategically invest in opportunities that yield positive returns.
On his part, AIICO’s Managing Director/Chief Executive Officer, Mr Babatunde Fajemirokun, assured the shareholders of high value and better returns on investment in the years ahead.
Fajemirokun said both the board and management of the insurance company were considering devoting a bigger chunk of future profits to dividend payments.
Responding, shareholders of the underwriting firm commended the board and management of AIICO for strengthening the company’s fundamentals as well as growing its asset base.
A shareholder, Dr Alex Adio, lauded the insurer for consistently paying dividends, while urging the board to increase dividend payout next year.
Another shareholder, Dr Anthony Omojola, praised the company for its share buy-back scheme, noting that it would enhance earnings per share and increase share price.
Other highlights of the meeting included the election of Mrs Kemi Adewole to the board of AIICO as an Independent Non-Executive Director and Mr Gbenga Ilori as an Executive Director.
AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients.
Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.
