WorldStage Newsonline– AIICO Insurance Plc, a major player in Nigeria’s insurance sector has released its earnings forecast for the first quarter 2021 a projection of N1.334 billion profit after tax compared with N11.238 billion projection for Q4 2020.
The company put its projected gross written premium at N19.938 billion compared with gross written premiums of N17.6 billion for first quarter of 2020.
The notes which accompanied the forecasted signed by Mr Babatunde Fajemirokun, the Managing Director and Mr Oladeji Oluwatola, Chief Financial Officer include that Gross Written Premium projected for the first quarter 2021 is N19.94 billion representing 30% of 2021 full year budget; The Non-Life business represents 33% of the stated GWP while the Ordinary Life, Group Life and Annuity business represents 50%, 12% and 5% respectively; Investment income will be driven largely by the bond investments; Reinsurance expenses is projected at an average of 16% of Gross Written Premium and this is based on the projected Gross written premium.
The company expects cash and cash equivalents at the close of the quarter to rise to N8.693 billion from N8.464 billion at the beginning.
WorldStage earlier reported that AIICO projected 498% improvement profit after tax N11.238 billion for Q4 2020.
