By Rosemary Onuoha

MANAGEMENT of Aiico Insurance Plc said that customers are of utmost priority to the company hence they are treated as kings.

Accordingly, the company maintained that since customers are kings, they are treated as such, especially when claims crystallise for payment.

In a statement, Managing Director of the company, Mr. David Sobanjo, who made this known, revealed that the company made N1.51 billion profit from its operation in the first nine months of the year ended September 30, 2011.

According to him, the unaudited results of the insurer for the period under consideration showed that the profit after tax recorded by the company for was N1.1 billion. Gross premium income of the risks underwriting firm was N13.5 billion as at the end of third quarter as against N11.1 billion recorded during the corresponding period in 2010.

The income from the firm’s investment and other source rose from N858 million in 2010 to N979 million in 2011, he added. Sobanjo said Aiico has continued to discharge its responsibilities creditably to its policyholders and in line with this, the company settle claims worth N2.44 billion between January and August 2011 as against N1.4 billion paid out in the corresponding period of last year.

According to him, out of the total claims figure, over N1.19 billion was paid to general insurance policyholders while the life business accounted forN1.25 billion.

Between January and August this year, some of the motor insurance policyholders who were involved in one form of accident or the other were compensated to the tune of N543 million while N212 million was paid to fire insurance customers.

Also another N19.8 million was paid out with respect to oil and energy business while goods in transit business accounted for the N169 million out of the claims figure.

He also confirmed that special risks claim peaked at N107.9 million, marine claims for the period stood at N25million, while claims arising from construction all risks (CAR) business portfolio amounted to N26 million.

Fidelity guarantee accounted for N53 million and N59 million was paid on workmen compensation insurance, among others, Sobanjo stated.

The company’s boss also stated that life insurance portfolio; particularly group life business recorded N1.18 billion death claims for the same period while individual life claims rose to N73.8 million within the period under consideration.