AIICO Insurance, one of Nigeria’s largest insurance company is reporting 29% decrease in profit to NGN 988.2 million in q2 2017 compared to NGN1.3 billion loss recorded same period 2017.
Gross income NGN11.3 billion against NGN12.0 billion recorded in the year before while reinsurance expenses increased to NGN1.1 billion from NGN798.7 million in the fiscal year 2016.
Net income for the group was insurance net income lowered to NGN5.1 billion in the period in review from NGN6.1 billion reported in the previous year while its investment income was higher at NGN2.2 billion from NGN1.8 billion in the year 2016.
Total asset was NGN81.6 billion against NGN77.5 billion in the year before while total liabilities was NGN72.7 billion from NGN68.7 billion in the year before.
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.