Insurance

AIICO Insurance increases pre-tax profit by 146.9% to N2.2 billion in first half of 2022 – WorldStage

WorldStage Newsonline – AIICO Insurance Plc has published its half-year report for 2022 with a 146.9% increase in profit before tax on profit from continuing operations i to 2.2 billion naira in the first half of 2022, from 908.6 million nairas recorded in the first half of 2021.

It recorded a gross written premium (GWP) of N45.5 billion in the first half of 2022.

The company’s unaudited report showed that GWP increased by 21.4% from the N37.481 billion recorded in the corresponding period of 2021.

The insurance company said it earned gross premium income of N40.573 billion, indicating an increase of 17.9% from the N34.435 billion earned in the corresponding period of 2021.

“GWP increased by 21.4% year-on-year to reach N45.5 billion in the half of 2022, compared to N37.5 billion recorded in the comparative period of 2021.

“This was due to a 39.4% year-on-year increase in general insurance to N15.5 billion, from N11.1 billion recorded in the first half of 2021.

“Life insurance premiums increased by 14.2% year-on-year to 29.6 billion naira from 25.9 billion naira recorded in the corresponding period of 2021.

“Subscription revenue from our health maintenance organizations increased by 31.4% year-on-year to N599.9 million from N456.4 million recorded during the comparative period under review,” did he declare.

According to the underwriter, its asset management operating profit fell 9.5% year-on-year to N697.6 million from N770.5 million recorded in the corresponding period of 2021. .

It added that its pre-income tax profit across the group and its subsidiaries increased year-on-year, contributing to reported increases for the period.

According to the underwriting firm, this is due to improved revenue and investment performance for the period compared to what it did in the first half of 2021.

“AIICO also completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of N2.9 billion.

“As a result, profit for the interim period increased by 51.4% to N4.9 billion in the first half of 2022 from N3.3 billion recorded in the first half of 2021,” he also said. declared.

Commenting on the result, Mr. Babatunde Fajemirokun, Managing Director and Chief Executive Officer of AIICO Insurance, said the half-year result showed the resilience of its business model and its focus.

He said the company’s unaudited results represent the company’s performance for the interim period ended June 30, 2022.

Fajemirokun added that the insurer has created products its customers need to get through uncertain times, hoping the company will be there when they need it.

AIICO Insurance Plc. has been in operation in Nigeria for about 50 years.