AIICO Insurance Posts N8.98bn Net Profit, Celebrates School Children


AIICO Insurance has recorded a profit after tax of N8.984 billion in its unaudited results for the first quarter ended March 31, 2024, even as the insurer rewarded and honoured school children to commemorate International Children’s Day.


The Insurance Company, in the Q1 results released on the Nigerian Exchange, showed that net profit grew by 523 per cent from N1.442 billion in Q1, 2023 to N8.984 billion under the period review. Earnings per share stood at 24 kobo higher than four kobo in Q1, 2023.


Group revenues under the IFRS 17 standard increased 52.8 per cent year-on-year to N22.7 billion from N14.8 billion in 2023. Total income or net insurance and investment result increased by 535.7 per cent to N10.6 billion as against N1.7 billion in Q1, 2023.


Total assets increased by 5.5 per cent to N335.7 billion as of Q1 2024 from N318.1 billion Q1 2023, while total equity increased by 14.9 per cent to N59.5 billion as of Q1, 2024.


Speaking on the results, the managing director and chief executive officer of AIICO Insurance, Mr. Babatunde Fajemirokun said: “2024 marks a year of strategic execution for AIICO. We take pride in our achievements in 2023, and our clear and streamlined strategy sets a strong foundation for success in 2024.


“Our strategic objectives, which reflect our core purpose, underscore our unwavering commitment to serving our customers with excellence and integrity while consistently delivering value for shareholders.”


CFO of AIICO Insurance, Mrs. Bisola Elias stated that “our first quarter results reflect the strength and resilience of our business model. We achieved significant year-on-year growth in, with profit before taxes from continued operations increasing to N10.3 billion from N1.5 billion.


“Amidst economic headwinds, we delivered strong performance across our business lines and are well-positioned to fortify our firm, leverage our strengths, and invest in our core operations.”


On the outlook, AIICO Insurance said: “As we navigate the evolving industry landscape and contribute to economic growth, the company remains focused on being the best performer for our customers. We mitigate risks for our clients while maintaining a strong commitment to regulatory compliance and preserving shareholder capital.


“In alignment with NAICOM’s vision, we offer robust long-term savings plans designed to help our clients achieve financial security and contribute to broader economic development. With a customer-first approach, we refine our offerings by leveraging technology and innovation to meet our clients’ evolving needs, ensuring long-term value and future growth.”


Meanwhile, as the world commemorates International Children’s Day to celebrate and promote the well-being of children, AIICO Insurance Plc tailored this year’s celebration to honour and reward school children, making the day a memorable and remarkable one for hundreds of school pupils in Lagos.


AIICO Insurance, leveraging a partnership with Lagos Food Bank, a non-governmental organization, donated packs of school supplies, and refreshments to hundreds of pupils in four low-cost nursery/primary schools. The schools visited include Best Legacy Nursery and Primary School, Victory Nursery and Primary School, Learners Guide Nursery and Primary School, and Debbie Frank Nursery and Primary School, all within Agege, Ikeja areas of Lagos.


On the gesture, the company’s Corporate Responsibility & Sustainability manager, Mrs. Abimbola Shobanjo, said, AIICO Insurance prioritises the well-being and happiness of children who are the leaders of tomorrow.


“We deeply care about the well-being of these children, and it is important to demonstrate our commitment, especially on a day like this. They are the future leaders of our generation, and we are dedicated to finding ways to positively impact their lives, ensuring they have every opportunity to thrive and succeed in their education. By providing essential supplies and support, we aim to inspire and empower them to achieve their dreams and make a positive impact on the world.”


“We would also like to extend our heartfelt appreciation to Lagos Food Bank, our esteemed partner in this CSR activity. Their invaluable collaboration and dedication have been instrumental in making this initiative a success. Together, we are making a meaningful difference in the lives of these young minds, fostering a brighter and more promising future for all”, Shobanjo said.


International Children’s Day is a special day that celebrates and promotes the well-being of children and emphasizes their importance in society as the future of our world.

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