EARNINGS FORECAST FOR THE 12 MONTHS ENDING 31 DECEMBER 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 Q4 2023 is N99.3 billion.
The Non-Life business represents 29.3% of the stated GWP while the Ordinary Life, Group Life and Annuity businesses represent 54.2%, 8.4% and 8.1% 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 asset in line with the Group's policy
Amortization of intangible assets
Net fair value gain/loss on financial assets.
PERIOD: 12 MONTHS
FROM JANUARY 1, 2023
TO DECEMBER 31, 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 12 MONTHS ENDING 31 DECEMBER 2023
PERIOD: 12 MONTHS
FROM JANUARY 1, 2023
TO DECEMBER 31, 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
Dec-23
N'000
99,295,270
60,136,143 -42,737,306 -9,484,359
7,914,478
22,254,741
284,093
-5,230,7911,812,289
19,120,332
-6,760,803
414,380
-6,346,424
20,688,387 -14,044,508
6,643,879
-589,511
6,054,368
0
6,054,368
Dec-23
N'000
35,488,648 -31,785,068 -1,339,021
2,364,560
14,179,736
16,544,296
Babatunde Fajemirokun (MD)
Date: 10 September 2023
Oladeji Oluwatola (CFO)
Date: 10 September 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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Disclaimer
AIICO Insurance plc published this content on 09 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2023 16:32:01 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 
