AIICO Insurance coverage Plc, an insurer in Nigeria, has continued its robust progress trajectory recording a revenue after tax of N12 billion for the monetary 12 months ended December 31, 2023, up from the N5.2 billion posted in 2022.
Disclosing these shareholders on the 54th annual normal assembly of the corporate in Lagos, Kundan Sainani, chairman of the board famous that the revenue after tax elevated by 132.6 p.c.
Sainani additional disclosed that the 12 months 2023 produced different important good points for the corporate due to the meticulous execution of its enterprise technique, leading to a gross written premium of N110.1 billion in the course of the evaluation 12 months as towards N88.3 billion in 2022.
The end result, in line with him, was achieved as the corporate transitioned from utilizing IFRS 4 to IFRS 17 commonplace, which resulted within the recognition of insurance coverage income of about N72.6 billion from N54.8 billion in 2022, demonstrating the corporate’s dedication to transparency and sturdy monetary practices.
The AIICO chairman stated these outcomes have been achieved amid severe socio-economic challenges typified by will increase in financial coverage price, inflation, elimination of gasoline subsidy, foreign exchange shortage, and the 2023 Fiscal Invoice, all of which contributed to the rise of home costs.
“Regardless of this unsettling panorama, 2023 was one other robust 12 months for AIICO, with the agency producing spectacular file income and substantial progress. Our earnings for the interval elevated by 132.6 p.c to N12 billion from N5.2 billion in 2022, reflecting robust underlying efficiency throughout our companies”, he stated.
Referencing the dynamics within the economic system and projecting into the long run, Sainani stated AIICO stays resilient and adaptable, prepared to offer extra beneficial phrases to its valued prospects and strategically spend money on alternatives that yield advantageous returns.
On his half, Babatunde Fajemirokun, AIICO’s managing director/CEO, assured the shareholders of excessive worth and higher returns on funding within the years forward.
Fajemirokun stated each the board and administration have been contemplating devoting an even bigger chunk of future earnings to dividend funds.
Different main highlights of the annual normal assembly included the election of Kemi Adewole to the board of AIICO as an Unbiased Non-Government Director and the official welcome of Gbenga Ilori as an govt director.
