By Favour Nnabugwu
AIICO Insurance Plc, foremost and most resilient insurance services provider has announced a gross written premium (GWP) of N45.5billion in the H1 2022, up by 21.4per cent compared with N37.481billion recorded within the same of in 2021.
The company’s unaudited results represent the firm’s performances for the interim period ended 30 June 2022 I which it’s group grossed N45.5bn year-on-year (y-o-y) in the first half of the year from N37 bn or 21.6per cent within the period under review.
This was due to a y-o-y increase of 39.4per cent in General Insurance to ₦15.5 bn (H1 2021: ₦11.1 bn). Life Insurance premiums increased by 14.2per cent y-o-y to ₦29.6 bn (H1 2021: ₦25.9 bn) and underwriting income from our Health Maintenance Organization (HMO) increased by 31.4per cent y-o-y to ₦599.9 m (H1 2021: ₦456.4 m)
AIICO Insurance also earned gross premium income of N40.573bn or 17.8per cent from N34.435bn or 17.9per cent from respectively.
Conversely, net premium income which refers to gross premium income less applicable reinsurance expense stood at N34 bn for the company or 16.7per cent compared with the group’s N33.671bn and equally 16.7per cent growth.
The operating income in Asset Management however declined by 9.5per cent y-o-y to ₦697.6m (H1 2021: ₦770.5 m). Profit before income tax from continuing operations increased by 146.9per cent y-o-y to ₦2.2 bn in H1 2022 from N908.6m in H1 2021.
Profit before income taxes across the company and its subsidiaries increased y-o-y contributing to the reported increase for the period. The company said this was due to improved top line and investment performance for the period compared to H1 2021.
AIICO also completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of ₦2.9 bn. As a result, profit for the interim period rose by 51.4per cent to ₦4.9 bn in H1 2022 from the H1 2021 -₦3.3 bn.
Commenting on the results, Mr. Babatunde Fajemirokun, the Managing Director and Chief Executive Officer said, “Our half year results are a testament to the resilience of our business model, our focus on AIICO Insurance Plc.”
“Creating products that our customers need to navigate uncertain periods in their lives and the trust that our customers have that we will be there when they need us. Every insurance policy we sell is a contract with our customers and a promise that we take very seriously.
“For us at AIICO Insurance, all our efforts are geared towards ensuring that our customers can believe us when we say that we are here for the long haul, come rain or shine,” said Mr Fajemirokun.