Coming from a full year of loss in 2015, AIICO Insurance, one of Nigeria’s largest insurance company is reporting more losses for the year 2016.
The loss for the year was attributed to certain assets in its books that are unsold. Total loss for the year however, fell to NGN622 million compared to NGN1,9 billion in the previous year.
These assets includes quoted and unquoted equities, revaluated equities and treasury bills instruments. The losses widened from NGN2 billion posted in the previous year
AIICO Insurance said its gross premium fell to NGN27 billion compared to NGN32 billion posted in the year before.
Net premium income rose to NGN26 billion compared to NGN6 billion posted in the year before.
Total asset for the insurer fell to NGN77 billion compared to NGN80 billion recorded in 2018. Total liabilities also fell to NGN68 billion versus NGN70 billion in 2015.
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AIICO commenced operations in Nigeria in 1963 as an Agency office of American Life Insurance Company (“ALICO”) – at the time, a subsidiary of American International Group (“AIG”). The Company was incorporated, registered and licensed in Nigeria as American Life Insurance Company Limited – as a wholly owned subsidiary of ALICO/AIG – in 1970 – to offer Life and Pension products and insurance services. The Company was renamed American International Insurance Company Limited (“AIICO”) upon the acquisition of a 60% stake by the Federal Government of Nigeria, and later listed on the Nigerian Stock Exchange in 1990, after which both shareholders – the Federal Government of Nigeria and AIG divested.