AIICO INSURANCE : CORPORATE ACTION

Lagos September 7, 2023

AIICO INSURANCE PLC - NOTIFICATION OF APPOINTMENT OF DIRECTOR

We wish to notify the Nigerian Exchange Limited (NGX), our esteemed shareholders, and the investing public of the appointment of Mr. Gbenga Ilori as an Executive Director of AIICO Insurance Plc ('the Company'). The approval of the National Insurance Commission (NAICOM) has been obtained for his appointment.

Gbenga is a seasoned professional with over 20 years of progressive work experience in areas that cut across Sales, Marketing, Operations, Customer Service, Strategy, and General Management. He is a certified insurance practitioner with high financial acumen matched by a success-driven personality. He is self-directed, highly principled, and a collaborative leader. He is a bold and disruptive leader, who is always ready to challenge the status quo for better results.

He joined AIICO Insurance Plc in November 2010 as the Group Head of Retail, to drive the retail businesses of both Life and General operations. This he did successfully, overseeing a major re-organization of the agency network for the distribution of all retail products within AIICO. He led his team to establish the annuity desk in AIICO and trained their agency network on annuity opportunities in the Pension Reform Act. He was later appointed the Special Assistant to the Group Managing Director in April 2012. He and his team pioneered the Microinsurance Business in AIICO in 2014.

Gbenga left AIICO in 2020 to join Coronation Life Assurance Limited in 2020 as the Executive Director - Technical. During his period at Coronation, he oversaw the agency distribution channel, supported the bancassurance initiative of the ecosystem, oversaw product development, technical operations, and the execution of the marketing strategy in the company. Gbenga Ilori rejoined AIICO in 2022 to lead the Retail Business function and Agency Operations.

Gbenga holds a B.SC (Hons) in Actuarial Science from the University of Lagos and a master's degree in business administration with a specialization in Marketing from the Federal University of Technology Akure. He is an associate of the Chartered Insurance Institute of Nigeria (ACIIN) and has attended several courses in Microinsurance, Customer Experience, Brand Management, Strategic Marketing, Product Development, Business Strategy, Relationship Management, Risk management, and Finance, both locally and abroad. He is an alumnus of the prestigious Lagos Business School, where he took a 9-month course in Senior Management. He is also a member of the Technical Committee of the Chartered Insurance Institute of Nigeria (CIIN). Gbenga has attended several capacity building training courses both within and outside the country.

For: AIICO Insurance Plc

Donald Kanu PhD.

Company Secretary/Chief General Counsel