AIICO Pays N90 Billion In Claims In 4 Years  ..Pushes To Sustain Growth 

Yemisi Izuora 

AIICO Insurance Plc. in fulfillment of its obligation to its delighted customers, has paid out over N90bn in claims and benefits between 2014 and 2018, resulting in an annual average growth of 27 per cent.

The Insurance firm said it is positioning to go above and beyond, leaving no stone unturned in its continued effort to creating and protecting its customers wealth and deliver value to its stakeholders. This has reflected in its year-on-year upward trajectory in performance in both life and general businesses.

The phenomenal growth of AIICO’s balance sheet has a direct correlation to its customer base which comprises of retail customers across the length and breadth of the nation and corporate/institutional businesses from both the private and public sectors.

This motivates the firm to continue to deliver value through its commitment to best practices and operational efficiency for superior customer experience” said Mr. Babatunde Fajemirokun, the Managing Director & Chief Executive Officer, during a recent engagement with some members of the House of Representatives.

Preparations are in top gear to meet the industry recapitalization requirements set by the National Insurance Commission (NAICOM).

Besides the private placements recently concluded with investments from LeapFrog (a leading private equity firm), an Extra-Ordinary General Meeting is scheduled to be held on March 5, 2020 to get shareholders’ nod to raise additional N3.5bn throughrights issue.

AIICO Insurance Plc., a leading life insurer in Nigeria, commenced operations in 1963.

It provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.

 

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