Yemisi Izuora
AIICO Insurance Plc said that its profit before tax came to N3.2 billion for the year ended December 31, 2014 which represents 156per cent increase over N1.2billion loss it recorded in the corresponding period of 2013.
The company’s profit after tax grew by 202 per cent from a loss position of N739million in 2013 to N2.2 billion for the period under review (2014).
Similarly, gross premium written by the company for the period also grew to N33.6 billion representing 42per cent growth compared to N23.6 billion, while underwriting profit increased by 91per cent from N2.7 billion to N5.2 billion.
Total assets for the Group also grew by 38per cent from N42billion in 2013 to N58billion in 2014.
Commenting on the development, AIICO Insurance Chairman Chief Oladele Fajemirokun promised that the company would sustain the momentum for profits and market leadership, by becoming a truly world class financial services group and economic powerhouse.
Also speaking at the company’s 45th Annual General Meeting held in Ijebu Ode, Ogun State recently, AIICO Insurance Managing Director Mr. Edwin Igbiti said the company’s financial performance is evidence of the dexterity and dedication of its people, a customer centric culture and high corporate governance standards.
In his comment, the company’s executive director Babatunde Fajemirokun said the performance was in line with the company’s FY 2014 objectives of strengthening its balance sheet, business model and the AIICO people.
He also attributed the upturn in the net earnings of the company to disciplined underwriting of risks in the firm’s target segments, improved operational efficiency and focus on value creation.
AIICO Insurance shareholders at the meeting commended the Board and Management for improving the financial strength of the company despite the challenges in the operating environment of the industry in the 2014 financial year.