WorldStage– AIICO Insurance Plc has announced its unaudited results for the nine months ended 30 September 2026. Profit before tax rose 27.3% to ₦19.4 billion and earnings per share increased 25.5% to 47 kobo. The stock of unearned future profit in the Life book, measured by the contractual service margin (CSM), grew 23.2% year-to-date to ₦42.2 billion, supported by ₦8.5 billion of new-business CSM written in the period.
Profit and future profit grew faster than volume: PBT rose 27.3% and Life CSM 23.2%, while gross premium grew 6.0%.
Mr. Babatunde Fajemirokun, Managing Director and Chief Executive Officer, said: “With recapitalisation complete, competition will be won on underwriting discipline and capital efficiency, not premium volume. AIICO met the new requirements without raising capital, grew profit before tax by 25% and added ₦8.5 billion of future Life profit this year. Non-Life faced a tough market, but our diversified model carried the Group, and we are acting on Non-Life costs and pricing.”
Mrs. Bisola Elias, Chief Financial Officer, said: “We have always focused on the measures that drive shareholder value and are now emphasizing this focus. PAT excluding unrealised FX rose 21.4% to ₦19.0 billion, and the Life CSM grew 23.2% to ₦42.2 billion, with new business adding future profit faster than we release it. ROE of 21% reflects a 15% larger equity base, which we are focused on deploying at attractive returns.”
