AIICO targets N66.1bn GWP for Q2 2024
AIICO Insurance PLC has disclosed that it is targeting to achieve N66.1 billion Gross written premium (GWP) for the second quarter ending 30th June, 2024.
The Nigeria’s leading insurer who made the disclosure in its earnings forecast for the six months ending 30th June, 2024 released on the floor of Nigeria Exchange Limited (NGX), is also projecting N40.3 billion as insurance revenue.
“Our projection for Non-Life business is at the rate of 33.4% of the stated GWP while the Ordinary Life, Group Life and Annuity businesses represent 42.1%, 9.4% and 15.1% respectively.
“Investment income will be largely driven by our bond investments and our investment in other financial assets.
“Following non cash transactions were included in the Statement of Profit or Loss and Other comprehensive income: depreciation of Non-current asset in line with the Group’s policy; amortization of intangible assets and Net fair value gain/loss on financial assets,” the Company explained in the notice.
The company said that the difference in other expenses is due to the omission of attributable overheads in insurance service expense in 2023.
According to the insurer this results in insurance service expense for 2023 being understated and other expenses being overstated.
Under IFRS 17, overheads which are directly attributable to insurance service are classified under insurance service expenses. Non-attributable expenses are classified as “other expenses”.
As an insurance company, AIICO’s goal is to be the insurer of choice and the leading insurance company in Nigeria – providing life insurance and retirement services as well as risk underwriting to a substantial and diversified client base, which includes corporations, financial institutions, governments and individuals in Nigeria.
AIICO is the market leader in Retail Life insurance and retirement services and is a market leader in Non-Life insurance in Nigeria. The core insurance franchise is complemented by our leading insurance asset management, and health management businesses.
AIICO also owns valuable financial and strategic assets including a controlling stake in Multishield Limited, and a 19% stake in Healthcare International Limited (both healthcare management organizations (“HMOs”)), and AIICO Capital Limited (an asset management wholly-owned subsidiary).
