AIICO Insurance reports an 86% increase in profit after tax for Q4 2019 

AIICO Insurance Plc has released its latest earnings report for the fourth quarter of 2019, which showed a generally positive performance. As always, see a breakdown of the unaudited result below.

Gross Premium Written: AIICO Insurance’s Gross Premium Written in Q4 2019 increased by some N12.5 billion to N50.1 billion, up from N37.7 billion. This is indicative of a 33% increase.

Gross Premium Income: In the same vein, Gross Premium Income increased by 35% to 50 billion, up from N37 billion.

Net premium income for the period was N43.8 billion as against N31.9 billion during the comparable period in 2018. This indicates a 37% increase.

Claims expenses for the period was N25.3 billion. This is slightly (6%) more than N23.9 billion which the company paid out during the same period in 2018.

[READ MORE: Stanbic IBTC releases FY 2019 unaudited results)

Profit before tax for the period was N6.1 billion as against N3.5 billion in Q4 2018, thereby indicating a 76% increase.

The company’s profit after tax for Q4 2019 stood at N5.7 billion. This is 86% more than N3.1 billion in Q4 2018.

You may download the unaudited report by clicking this link.