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Aiico Insurance : RECORDS N3.2BN PROFIT IN 2014

07/04/2015 | 06:06am US/Eastern

value="Nigeria:AIICO" idsrc="xmltag.org">AIICO Insurance Plc has recorded a profit before tax of N3.2 billion for year ended December 31, 2014, resulting in a 156 percent increase over N1.2 billion loss recorded in 2013.

The company's profit after tax grew by 202 per cent from a loss position of N739 million in 2013 to N2.2 billion in 2014.

Gross premium written (GPW) for the period also grew to N33.6 billion representing 42 per cent growth compared to N23.6 billion, while underwriting profit increased by 91 per cent from N2.7 billion to N5.2 billion.

The company's total assets also grew by 38 percent from N42 billion in 2013 to N58Bn in 2014.

Commenting, the chairman of value="Nigeria:AIICO" idsrc="xmltag.org">AIICO Insurance Plc, Chief Oladele Fajemirokun, promised the company would sustain the momentum for profits and market leadership by becoming a truly world class financial services group and economic powerhouse.

The Managing Director/Chief Executive Officer, AIICO PLC, Mr. Edwin Igbiti, stated that the company's financial performance is evidence of the dexterity and dedication of its people, a customer centric culture and high corporate governance standards.

© Pakistan Press International, source Asianet-Pakistan

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