AIICO Insurance Plc has declared a dividend of 2 kobo per share amounting to N732 million in respect of and out of the profit after taxation for the year ended 31st December 2021.
This was contained in a disclosure on the resolution reached at the annual general meeting, filed to the Nigerian exchange.
The insurer stated that the amount is payable to those shareholders whose names appear on the register of members at the close of business on the 20th of May 2022.
What you should know
AIICO Insurance Plc reported a profit of N5 billion profit for the year 2021, a slight rise from the N4.8 billion reported the previous year.
The year 2021 was a recovery year for the insurer as it improved its premium written and income during the year. However, a cursory look at the result shows that the amount reported as profit was almost flat despite that the insurer improved gross premium income by a whopping 17% to N70 billion from N60 billion during the pandemic period.
Also, AIICO Insurance Plc posted a N5.2 billion profit for the first quarter of the year 2022, a whopping 441% increase from the N0.96 billion it reported same period last year.
A cursory analysis of the data shows that the significant profit recorded is on the back of the impressive performance on investment and other income, as the company rallied from a negative record in the first quarter of last year to a positive record this year.
The profit record is despite the presence of double-digit inflation as the company increased its other expenses by over 100% during the period.
Other resolutions passed at the meeting
- The cancellation of the total outstanding shares of 994 million of 50 kobo each remaining un-issued in the capital of the company out of the authorized shares standing at 37.6 billion in line with extant laws be and approved subject to all regulatory compliance.
- The company also reelected Olalekan Akinyanmi and Taymund Snyders as the directors of the firm.
- Samaila Dalhat Zubairu and Raimund Snyders were appointed to represent the board on the statutory audit committee.