AIICO insurance gross premium hits ₦32 billion in 2017

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AIICO Insurance Plc has released its 2017 full year ended December 2017 financial statements report.

The report shows gross premium written rose from ₦27 billion in 2016 ₦32 billion in 2017.

Profit before tax fell sharply  from ₦11.8 billion recorded in 2016 to ₦1.28 billion in 2017.  in 2017. Profit after tax also dropped from ₦10.33 billion in 2016 to ₦1.28 billion in 2017.

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. Its key business lines include:

• Life assurance and annuity
• General insurance and special risks
• Pension management
• Health insurance.
• Asset management.