EARNINGS FORECAST FOR THE 9 MONTHS ENDING 30 SEPTEMBER 2023
NOTES
This is prepared using IFRS 17, the new insurance reporting format. The Company transitioned to IFRS 17, effective 1 January 2023 and published its first quarter results using the new standard.
Gross Written Premium projected for Q3 2023 is N75.9 billion.
The Non-Life business represents 30.7% of the stated GWP while the Ordinary Life, Group Life and Annuity businesses represent 51.5%, 9.8% and 8.0% respectively.
Investment income will be driven largely by our bond investments and our investment in other short term financial assets.
The following non cash transactions were included in the Statement of Profit or Loss and Other comprehensive income:
- Depreciation of Non-current assets in line with the Group's policy - Amortization of intangible assets
- Net fair value gain/loss on financial assets.
PERIOD: 9 MONTHS
FROM JANUARY 1, 2023
TO SEPTEMBER 30, 2023
Gross Written Premium
Insurance Revenue
Insurance Service Expense
Net Expenses from Reinsurance Contracts
Insurance service result
Investment income
Profit from deposit administration
Net fair value (losses)/gains
Other operating income
Net investment income
Net Finance income/(expense) from Insurance Contracts Net Finance Income from Reinsurance Contracts
Net insurance finance income/(expenses) Net insurance and investment result Overhead
Profit before income tax from continuing operations
Income tax expense
Profit after tax from continuing operations
Profit from discontinued operations
Profit After Discontinued Operations
AIICO INSURANCE PLC- CASHFLOW FORECAST FOR THE 9 MONTHS ENDING 30 SEPTEMBER 2023
PERIOD: 9 MONTHS
FROM JANUARY 1, 2023
TO SEPTEMBER 30, 2023
Net cash flows from operating activities
Net cash flows from investing activities
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents - Opening
Included in the assets of the disposal group
Cash and cash equivalents - Closing
IFRS 17 Sep-23
N'000
75,886,894
34,984,235
(26,019,481)
(5,208,288)
3,756,466
16,749,626
39,605
-
(410,039)
16,379,191
(7,963,666)
433,417
(7,530,250)
12,605,407
(9,240,665)
3,364,742
(157,865)
3,206,876
-
3,206,876
Sep-23
N'000
21,744,594
(19,433,665)
(1,098,158)
1,212,771
15,915,258
17,128,029
Babatunde Fajemirokun (MD)
Date: 10 June 2023
Oladeji Oluwatola (CFO)
Date: 10 June 2023
"AIICO Insurance Plc has a dedicated investors' portal on its corporate website which can be accessed via this link: https://www.aiicoplc.com/index.php/about-us-aiico/investorrelations. The Company's Investors' Relations Officer can also be reached through electronic mail at: ir@aiicoplc.com ; or telephone on: +234 (0)809 229 9108 for any investment related enquiry".
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AIICO Insurance plc published this content on 09 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2023 11:30:17 UTC.
AIICO Insurance Plc is the Nigerian leading life insurance group. Gross written premium breaks down by activity as follows:
- life insurance (74.3%). The group also develops pension insurace activity;
- non-life insurance (24.3%): primarily motor, home, commercial and damage insurances;
- health insurance (1.4%).
All gross written premium are in Nigeria.
AIICO INSURANCE PLC 
