AIICO Insurance Plc reported a growth of 23.2 per cent in its gross written premium to N88.3 billion for the year ended December 31, 2022.
The insurance company said, this was due to a year-on-year (y-o-y) increase of 39.1 per cent in General Insurance to N26.5 billion. Life Insurance premiums increased by 17.6 per cent y-o-y to N61.1 billion and underwriting income from Health Maintenance Organisation (HMO) increased 73.6 per cent y-o-y to N1.6 billion.
The company’s results released on the Nigerian Exchange Limited showed operating income in Asset management declined by 22.1 per cent to N1.5billion from N1.87 billion in 2021.
Profit before income tax from continuing operations increased to N5.1 billion in full year 2022 as against N2.8 billion in 2021. In 2022, the Company completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of N2.9 billion. As a result, profit for the year rose by 53.6 per cent to N7.6 billion in 2022 as against N4.9 billion in 2021.
