This month, leading financial institution, AIICO Insurance PLC is reviewing their financials for 2017 at their Annual General Meeting, scheduled to hold on the 24th of May – and all major stakeholders are expected to be present.
“We experienced significant growth as a company in 2017…” said Edwin Igbiti, MD/CEO of AIICO Insurance, in their published Annual Report – an assertion well backed by the numbers.
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The company reported gross premiums of N32.1 billion compared to N27.06 billion for the year ended December 31, 2016, an increase of N5.03 billion or 19%.
Life business marked the overall improved performance, growing 15% from N18.8 billion in 2016 to N21.6 billion in 2017. This growth was driven by the increased popularity of traditional life products – which grew by 29% in 2017 to N16.4 billion from N12.8 billion in 2016.
Non-life business also experienced improved performance – growing from N7.6 billion in 2016 to N8.7 billion in 2017, (c. N1.1 billion or 15%).
Last year, AIICO Insurance focused on further improving its relationships with agents, brokers & various intermediaries, and the significant growth the company experienced has been a result of this forward-thinking strategy.
Source: G Business
