*As premiums written reach ₦191.8b
WorldStage– AIICO Insurance Plchas announced its unaudited results for the interim period ended 31 December 2025 with insurance revenue growing 27.0% to ₦137.7 billion, while normalized profits excluding FX effects rose 54.0% year-on-year to ₦18.3 billion from ₦11.9 billion in FY 2024.
Commenting on the results, Mr. Babatunde Fajemirokun, the Managing Director and Chief Executive Officer said, “This improvement was driven by stronger insurance results, with service margins recovering to 6.9% from -2.8% in the prior year, underscoring the quality and sustainability of our earnings.
“As we look ahead, we remain focused on deepening customer engagement, enhancing operational efficiency, and continuing investments that position the business for consistent, long-term value creation for our shareholders.”
Group Performance Review
• Group revenues increased 27.0% year-on-year to ₦137.7 billion (FY 2024: ₦108.4 billion). Premiums written
grew 20.3% year-on-year to ₦191.8 billion (FY 2024: ₦159.4 billion).
• Insurance service results improved to ₦9.5 billion in FY 2025 (FY 2024: loss of ₦3.0 billion), reflecting improved
underwriting margins in both retail and commercial product lines.
• Profits before taxes improved, while normalized profits excluding one-off items such as FX gains rose by 63.6%
to ₦20.4 billion in FY 2025 (FY 2024: ₦12.5 billion). Normalized profit after tax also increased by 54.0% to ₦18.3
billion (FY 2024: ₦11.9 billion). Profits in 2024 were supported by a net FX gain of about ₦10.9 billion, compared
to a loss of ₦2.7 billion in FY 2025. The normalized return on equity for the period is 25.5% (annualized).
• Group earnings were -8.6% below our forecasts for the period, while revenues came in -2.1% below
projections. Actual normalized profits were -5.1% below our expectations (our forecasts included a foreign
exchange gain while the actual results reflected a foreign exchange loss due to the appreciation of the Naira).
