WorldStage Newsonline– AIICO Insurance Plc (AIICO) has announced its unaudited results for the interim period ended 30 June 2025 with insurance revenue rising 34% to ₦65.4 billion.
Highlights of the result showed that premiums written grew 17.5% year-on-year to ₦102.7 billion (H1 2024: ₦87.4 billion); Insurance service results improved to ₦7.4 billion in H1 2025 (H1 2024: ₦1.8 billion), driven by improved pricing and optimized reinsurance; profits before taxes declined, normalized profits excluding one-off items like FX gains increased 96.8% to ₦12.5 billion in H1 2025 (H1 2024: ₦6.3 billion). Normalized profit after tax also increased 97.2% in H1 2025 to ₦11.3 billion (H1 2024: ₦5.7 billion). Profits in 2024 were affected by a net FX gain of about N10.9 billion compared to a loss of ₦139 million in H1 2025.
The normalized return on equity for the period is 33.5% (annualized); Group earnings beat our forecasts for the period by 52.6%, while revenues were 10.6% below projections; Actual normalized profits exceeded expectations by 52.1%.
Commenting on the results, Mr. Babatunde Fajemirokun, the Managing Director and Chief Executive Officer said, “Our priorities in the second quarter remain clear — focused execution, disciplined capital and risk management, and building resilience against market uncertainties. Insurance revenue rose 34% to ₦65.4 billion; notably, normalized profit before taxes excluding FX effects increased by 96.8% year-on-year to ₦12.5 billion from ₦6.3 billion in H1 2024. This performance reflects both operational momentum and improved risk-adjusted earnings, supported by higher insurance service margins of 11.3%, up from 3.6% in the prior year — a sign of sustainable quality growth.”
