Most insurance companies are yet to release their 2014 Full Year results as we await final approval from NAICOM. A look at the insurance regulators website suggest all companies have submitted their results except for Lasaco Life Assurance Ltd and NICON.
However, not all the results have been approved by NAICOM as at last week as only 8 out of 19 results have been approved. About 5 of the insurance companies whose result are yet to have been approved had a “Queried awaiting response” tag. Included in that list is AIICO Plc and being a quoted company could throw up some concerns for retail investors.
A look into our archives did not direct us into any grey arrears that may be of concern to retail investors, for now. The last information we have received from AIICO is the announcement of a deal with IFC to receive a convertible loan of $20m. AIICO, has also in the last two years embarked on a restructuring of its operations as well as financials having taking on over N1bilion in losses.
We will keep this situation under watch.
