By Patience Saghana
Despite the challenging business environment’ AIICO Insurance Plc has continued to maintain consistent profitability and sustainable growth in 2009.
The company’s total gross premium for last year increased by N1.3 billion while the company made a profit after tax of N1.04 billion, a 67.2% growth against the 2008 figure of N625million. A total of N8.8 billion was recorded as premium for the year 2009.
Chief (Dr) Oladele Fajemirokun, AIICO Insurance Group Chairman made this known at the company’s Annual General Meeting held at the Metropolitan Hotel, Calabar during the week. He added that AIICO is assiduously building on its growth and expansion strategies without losing focus on its risk-management acumen and quality underwriting.
He said that the company has acquired the Enterprise Risk Management (ERM) system which enhances its automated service delivery a demonstration of its commitment to providing total quality services that would surpass customer expectation.
He lauded the efforts of the Federal Government at introducing institutional reforms in the Nigerian economy particularly the banking sector and the passage of the Asset Management Corporation law and its statutory effects on the economy.
Chief Fajemirokun praised the National Insurance Commission, NAICOM, for introducing the Market Development and Restructuring Initiatives (MDRI) in August, 2009, which he believes would lead to a growth in Insurance premiums and a rise in employment figures in the Insurance sectors.
He was hopeful that the recent decision to change the financial reporting format for all Insurance companies to follow the International Accounting Standards (IAS) by NAICOM is expected to make the industry stronger with adequate capacity to withstand systemic shocks usually triggered by inadequate or compromised capital base.