August 6, 2019

AIICO Insurance grows GWP by 32% in H1’19

•Babatunde Fajemirokun

•Babatunde Fajemirokun

By Rosemary Onuoha

AIICO Insurance Plc has said that it recorded of 32 percent growth in its gross written premium which rose to ¦ 25.4 billion for the first half of 2019 (H1’19) from N19.2 billion recorded in the corresponding period of 2018 (H1’18).

Babatunde Fajemirokun

•Babatunde Fajemirokun

The company said that the growth was driven by continued solid performance across the major lines of business of the group of life, corporate and institutional businesses.

While speaking to journalists at the company’s head office in Lagos, Executive Director/Chief Operating Officer, Mr. Babatunde Fajemirokun said, “This performance is a demonstration of a focused implementation of our renewed strategy, notwithstanding the challenging operating environment.”

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He said that in line with the renewed strategic aspirations for market leadership with focus on profitable growth, the company recorded a 42 percent increase in profit before tax to N3.11 billion, from N2.19 billion in H1 2018. Profit after tax also grew by 52 percent to N2.94 billion, from    N1.93 billion attained in H1 2018.

Fajemirokun said, “Customer-centric product innovations, sustained investments and automation of our agency sales force continue to yield dynamic results as we recorded strong growth in our retail life business, which grew by 47 percent to N15.5 billion from N10.6 billion, and an increase of 14 percent in our corporate and institutional business to N9.5 billion from N8.2 billion.