AIICO Insurance records profit of N1.283 bn

AIICO Insurance has released financial scorecards for financial year ended December 31, 2017, showing a profit after tax of N1.283 billion. The result showed that the profit down by 87 per cent compared with N10.893 billion reported in the preceding year, bringing other comprehensive profit to N1.122 billion from N10.893 billion in the preceding year.
The company posted profit before tax of N3.04 billion against N11.835 billion recorded in the preceding year, representing a drop of 74 per cent. Total comprehensive profit for the year come to N2.405 billion which was 467 per cent better than the previous year own which stood at N655.065 billion, representing earnings per share of 18 kobo from N1.47 each. The directors of the company have proposed a dividend payment of 5 kobo per share, as against previous year’s two kobo.
The dividend is payable to shareholders whose names appear in the register of member as at the close of business on Monday, May 18, 2018, which is the qualification date. Closure of register is from May 21 to 23, while the dividend will be paid on May 25, 2018, subject to approval at the annual general meeting the day before.
Gross premium written for the period increased by N5.033 billion n or 19 per cent to N32.097 billion from N27.064 billion while gross premium income fell to N21.291 billion from N30.029 billion, representing a decline of N8.737 billion or 29 per cent An analysis of the company result showed that there is a slight rise in reinsurance expenses to N3.79 billion, as against the previous years of N3.341billion, leaving net premium income dropping by N9.186 billion or 34 per cent to N17.5 billion, as against the N26.687 billion recorded in the preceding year. The net claim expenses rose from N13.096 billion to N20.774 billion, a N7.677 billion or 59 per cent growth.

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