RC 7340

Lagos March 21, 2024

PRESS STATEMENT ON DELAY IN FILING OF AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 AND THE UNAUDITED FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDING 31ST MARCH 2024

AIICO Insurance Plc (the Company) wishes to inform its esteemed shareholders and the general public that the Company's Audited Financial Statements (AFS) for the year ended 31 December 2023 and the unaudited financial statements for the first quarter ending 31st March 2024 (UFS Q1, 2024) may not be filed within the regulatory due date of 30th March 2024 and 30th April 2024 respectively as required under the Post Listing Rules of Nigerian Exchange Limited (NGX).

This is as result of the unanticipated delays occasioned by the adoption and implementation of the International Financial Reporting Standards (IFRS 17) in the preparation of the audited financial statements for the year ended 31 December 2023. The adoption of IFRS 17 is pursuant to the directive issued by the Company's primary regulator, National Insurance Commission (NAICOM) effective 1st January 2024.

The Company has deployed all necessary resources to ensure the Audited Financial Statements (AFS) for the year ended 31 December 2023 and the first quarter results for the period ending 31st March 2024 are filed on or before 29th May 2024.

The Board and Management regret any inconvenience this delay my cause our esteemed shareholders and other stakeholders.

For: AIICO Insurance Plc

Donald KANU, PhD.

Company Secretary

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AIICO Insurance plc published this content on 21 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 11:51:19 UTC.