*AS premiums written grows 24.7% to N110.1b
WorldStage Newsonline– AIICO Insurance Plc has announced its unaudited results for the interim period ended 31 December 2023 with 53.4% growth in group profit for the period to N8.602 billion from N5.606 billion in 2022.
The key highlights of the result include, 24.7% rise in group gross written premium to N110.119 billion from N88.276 billion; Insurance Revenue at N72.425 billion from N54.787 billion ( 32.2% growth)
“Commenting on the results, Mr. Babatunde Fajemirokun, the Managing Director and Chief Executive Officer said, “Reflecting on the company’s performance in the fourth quarter, we take pride in the achievements and resilience displayed amidst the rapidly changing macro environment in 2023. In this prevailing economic landscape, market and inflationary trends influence customer spending leading to shifts in consumer demand.
“This change may be attributed to lower disposable incomes, prompting consumers to seek products with higher yields. Our strategy revolves around building resilient businesses capable of withstanding market fluctuations.
“We do this by designing products aligned with customer preferences and by delivering a compelling customer experience using technology.
“For the year-ended 31st December 2023, we delivered strong financial results, achieving meaningful growth in our business lines and upholding a disciplined approach to strategic investments for the future.”
