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Chuks Udo Okonta
AIICO Insurance Plc, an Insurance Group that offers life, non-life insurance, pension management, health insurance and asset management, recently received its 2013 Financial Statements approval from the National Insurance Commission (NAICOM) as their Gross written premiums grew by 11 per cent in 2013 to N23.6 billion and the Company generated Net premium income of N18.2billion, up 13 per cent from 2012 – both presenting growth rates outperforming most of its competition in the industry.
A statement by the company noted that it is impressive given the environment in which these growth levels were achieved. 2013 was a year in which the revenue generating ability of insurance operators was significantly curtailed by NAICOM’s No Premium No Cover policy – requiring, for the first time in the history of insurance in Nigeria, that insurance companies only recognize revenues materially on a cash-and-carry basis. Hence, its ability to generate these historic revenue levels presented a welcome validation of the strength of the AIICO franchise.
Despite the growth in net premium, the Company recorded a loss of N739 million in the 2013 financial year due to write-offs and impairments. The write-offs and impairments were necessitated by a need to strengthen its balance sheet, its business model and build on AIICO’s competitive advantages in this rapidly changing operating environment.
AIICO Insurance PLC is the market leader in Life assurance and annuity services market. AIICO is the second largest insurer in Nigeria by gross premiums and has maintained a top three position over the last five years.
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