AIICO Insurance Plc has released its 2017 full year ended December 2017 financial statements report.
The report shows gross premium written rose from ₦27 billion in 2016 ₦32 billion in 2017.
Profit before tax fell sharply from ₦11.8 billion recorded in 2016 to ₦1.28 billion in 2017. in 2017. Profit after tax also dropped from ₦10.33 billion in 2016 to ₦1.28 billion in 2017.
AIICO commenced operations in Nigeria in 1963 as an Agency office of American Life Insurance Company (“ALICO”) – at the time, a subsidiary of American International Group (“AIG”).
The Company was incorporated, registered and licensed in Nigeria as American Life Insurance Company Limited – as a wholly owned subsidiary of ALICO/AIG in 1970 to offer Life and Pension products and insurance services.
The Company was renamed American International Insurance Company Limited (“AIICO”) upon the acquisition of a 60% stake by the Federal Government of Nigeria and later listed on the Nigerian Stock Exchange in 1990, after which both shareholders – the Federal Government of Nigeria and AIG divested. Its key business lines include:
- Life assurance and annuity
- General insurance and special risks
- Pension management
- Health insurance.
- Asset management.