Following the approval of the National Insurance Commission (NAICOM), AIICO Insurance Plc has announced the appointment of Olusola Ajayi as its Executive Director (ED). 

The company made the disclosure in a notification published on the website of the Nigerian Stock Exchange (NSE). 

Profile: Olusola is an experienced business leader who has held various leadership positions in management consulting and insurance in Nigeria and the United Kingdom for over fifteen years. He joined AIICO in 2009 as Head of the Business Strategy and Transformation teams. 

In 2013, ‘Sola assumed leadership of the retail life insurance business and has led the transformation of the agency business, by deploying cutting-edge solutions and enabling capabilities which have resulted in significant growth in the company’s annual premiums and Asset Under Management (AUM). 

[READ MORE: Recapitalisation: Insurance companies meet NAICOM blueprint deadline]

Prior to joining AIICO, he worked at the prestigious consulting firm, Accenture (Lagos) in the Financial Services market unit, before joining Deloitte Consulting (London, UK). As a business consultant in both firms, he supported/led business transformation initiatives in Strategy, Process Optimization and Technology Deployments. 

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In this new position, he will oversee the Group Retail Division, with a mandate to drive growth across the group retail businesses and retain AIICO as an industry leader. 

Olusola currently serves as Chairman of the Board of AIICO Multishield Limited, the Group’s Health Maintenance Organisation (HMO). He holds an MBA from INSEAD and obtained his first degree in Chemical Engineering from the University of Lagos. Sola is a certified Project Manager as well as a Senior Member of the Chartered Insurance Institute of Nigeria. 

About the company: AIICO Insurance Plc 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”). 

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The company is currently trading N0.63 on the floor of the NSE. 

Standard chartered

[READ ALSO: NAICOM keen on recapitalization]


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