Despite the heat generated by the current economic recession, AIICO Insurance has grown its Profit after Tax from N1.79 billion as at December 31, 2016 to N10.23 billion by the end of its 2016 financial year end.
The insurance firm’s actual investment income increased by 27 per cent as it rose from N5.7 billion in 2015 to N7.2 billion by 2016. Also, it recorded an increase of 188 per cent in its Gross Premium Income from N10.4 billion in 2015 to N30 billion by the end of 2016.
Managing Director of the firm, Mr. Edwin Igbiti, explained that the company has taken significant strides forward in its bid to strengthen its business model. To him, the last two years have shown that the firm is on the right track.
“Our investments in increasing the capacity of our distribution channels in the retail and corporate spaces are yielding fruit; we have seen tangible results of the investments in our agency in 2016 with the increasing contribution of our traditional life products,” he said.
Assuring investors of a more rewarding 2017, the AIICO boss said the firm had invested in technology infrastructure and software, aimed at improving operations and business decision making.
“We have emphasized operational efficiency and improved performance management across the Group in 2017 and we believe that this is appropriate, given the progress made so far with our transformation plan,” he added.
