Corporate personality of the week: meet Edwin Igbiti, the CEO of AIICO Insurance

In Nigeria today, there are currently about 20 Chief Executive Officers (CEOs) of NSE-listed insurance companies. One of them is Mr. Edwin Igbiti, the CEO of AIICO Insurance Plc. Mr. Igbiti is a seasoned professional who has garnered many years of professional experience in the sector.

For the nearly five years that he has been the CEO of AIICO, Edwin has contributed immensely towards ensuring the overall success of the company. But there have also been some not-so-pleasant developments under his watch. All these notwithstanding, we have chosen him as our corporate personality of the week. Read on to learn all there is to know about this accomplished man.

Who is Edwin Friday Igbiti?

Mr. Edwin Friday Igbiti is one of Nigeria’s most prominent business executives. Thanks to his educational background and many years of professional experience, he has managed to make a name for himself as one of the strongest voices as far as insurance is concerned.

Asides being a valued underwriter, Mr. Igbiti is also an accomplished administrator, an industrial relationship expert, and an exemplary team leader.

A look at his educational background

Like most other accomplished professionals, Mr. Igbiti has garnered different academic qualifications over the years. These include an Advanced Diploma in Management from University of Lagos and a Master’s degree in Business Administration (MBA) from the University of Ado Ekiti. He is also an alumnus of the Howard University Business School in the United States of America.

Apart from his academic qualifications, Edwin has received professional certifications, both within and outside Nigeria. He has also undergone courses on reinsurance/claims administration and risk management.

His membership of professional organisations

Igbiti is an Associate Member of the Chartered Insurance Institute of London (ACII), a Chartered Member of the Nigerian Institute of Management, and a Fellow of the Chartered Insurance Institute of Nigeria (CIIN). He is also a Member of the Institute of Directors in Nigeria.

An overview of his professional experience

Edwin Igbiti has worked in various capacities, including underwriting sales and claims management in the insurance industry. Prior to joining AIICO Insurance Plc in 1992 as a Deputy Manager, he started out working at Phoenix Insurance Company as an underwriting trainee. The years he spent working there apparently helped to prepare him for the long and successful career he has had thus far in the industry.

Since 1992 when he joined the company, Mr. Igbiti has steadily risen up the corporate ladder, thanks to a series of promotions. Shortly before his appointment in 2013 as the Chief Executive Officer, he was the General Manager in charge of Non-Life and Technical Operations. He has also served as a liaison officer, managing relationships between the company and other corporations.

Here’s how AIICO Insurance Plc has performed since Igbiti’s assumption of office

Over the past five years following his assumption of office as the Chief Executive Officer of AIICO Insurance Plc, Mr. Igbiti has contributed a lot to the company’s overall growth. For instance, gross premium written increased, on the average, from N23.6 billion in 2013 to N33.6 billion in 2014. For its full-year 2017 financial report, gross premium written stood at N32 billion. The company’s profit, however, decreased by 87% last year, with N1.2 billion reported as against N10.2 billion in the preceding year.

The financial report aside, Mr. Igbiti has also been at the forefront of the campaign to revamp the insurance sector by advocating for the prompt settlement of claims. The non-payment/untimely payment of claims has been one of the biggest challenges facing the sector, which has resulted in low patronage, as many Nigerians gradually lost faith in insurance firms. For these reasons, it became imperative for serious measures to be taken to change the bad perception.

But it has not been all smooth sailing during his tenure…

In early 2017, AIICO Insurance Plc was rocked by a fraud scandal involving one of its former agency staff. The unnamed former employee had been duping unsuspecting customers, and there were speculations that some other employees engaged in the same unethical/criminal practice.

It is worth noting that this incident happened right under Mr. Igbiti’s supervision. However, following the uncovering of the crime, he took swift actions towards remedying it — he ordered an investigation, sacked all erring staff, and also stopped collecting cash payments from customers, opting for e-Payment methods instead.

A look at his remuneration

For all his efforts geared at positioning the company for greatness, Mr. Igbiti is well compensated. According to information contained in the company’s 2017 full year financial report, he receives as much as N42,508,000 in annual compensations.

He currently holds a total of 1,380,202 units of shares in the company.  At a cost per share of 71 kobo, his shareholding would translate to some N979,940.42.