AIICO Insurance Plc anticipates a post-tax profit of N5.05 billion for Q1 2026, translating to expected earnings per share of N0.14, according to a recent earnings forecast filed on the NGX.
If achieved, it would represent an 8.32% year-on-year rise from the N4.6 billion posted in Q1 2025.
The projection follows the group’s full-year forecast of N19.5 billion for 2025, made in early September, a target the market is watching closely as the company prepares its audited results.
Given AIICO’s track record of outperforming its own estimates, both the FY 2025 and Q1 2026 targets appear well within reach and may even be exceeded.
Recent performance shows why:
- AIICO initially projected a profit of N2.4 billion for Q1 2025 with an EPS of N0.07, but went on to deliver N4.6 billion and an EPS of N0.13.
- For the first half of the year, it forecast N7.3 billion with EPS of N0.20, while actual results reached N11.2 billion and an EPS of N0.31.
- By the nine-month mark, the company expected N14 billion with EPS of N0.38 but reported N13.7 billion and an EPS of N0.37.
AIICO’s financials for the nine months ended September 30, 2025, reinforce the idea that it might meet its projections.
Insurance and investment revenues
AIICO reported insurance revenue of N99.8 billion for the nine months ended September 2025, up from N76.9 billion in the same period of the previous year.
Even with insurance service expenses rising to N66.3 billion, up 5.10%, and reinsurance expenses jumping 52.99%, the company still grew its insurance service result to N8.5 billion.
On the investment side, income reached N43.5 billion, compared to N29.3 billion a year earlier.
- Income from investments on policyholder funds contributed the most at N19.4 billion, followed by annuity funds at N14.3 billion, and shareholders’ funds at N9.7 billion.
With an additional N17.8 billion net fair value gain on financial assets, total net investment income rose to N60.4 billion, representing a 79.25% YoY increase.
Combined net insurance and investment results amounted to N25.01 billion, up from N18.8 billion in the prior year.
Hence, pre-tax profit also climbed to N15.2 billion, reflecting 10.73% growth.
Balance sheet growth and higher premiums
The group’s total assets rose to N514.4 billion, up from N416.4 billion, with financial assets accounting for 83.8% of the total.
Total liabilities also increased to N433.9 billion from N348.6 billion, driven largely by insurance contract liabilities of N338 billion.
On the equity side, retained earnings grew from N30 billion to N38.4 billion, forming a major part of shareholders’ funds, which rose 18.44% to N79.6 billion.
Premiums received on insurance contracts increased to N144.6 billion, up from N127.6 billion, reflecting stronger customer uptake. Claims paid stood at N66.2 billion, compared to N64.8 billion in the previous year.
- Year-to-date, AIICO has delivered returns of over 130% in 2025.
