The board and management of AIICO Insurance Plc have commended by the shareholders of the company for keeping the company afloat in spite of the recession in the industry.The shareholders gave their commendation during the 40th Annual General Meeting held in Calabar last week following the approval of a 2 kobo dividend per every 50k share proposed to shareholders by the company.
In his welcome address at the AGM, the Chairman Board of Directors of AIICO Insurance Plc, Chief Dr. Dele Fajemirokun, noted that the ongoing reforms in the financial sector has not spared the insurance industry. According to him, the National Insurance Commission (NAICOM) took a decision to change the financial reporting format for all companies in the industry to follow the IAS (International Accounting Standards) retroactively. He said that most players in the industry have had to grapple with adequate capacity to withstand systemic shocks usually triggered by inadequate or compromised capital base.
Fajemirokun, who was re-elected as the chairman of the board of the company, revealed that despite the harsh operating environment, the company is optimistic of the best. “ We are confident of a brighter future for insurance business in Nigeria. If the Market Development and Restructuring Initiative (MDRI) which was unveiled in August 2009 by the National Insurance Commission (NAICOM) is properly implemented, the industry will witness a rapid growth of insurance premium and provision of jobs in the sector.”
Fajemirokun promised the shareholders of greater dividend in the near future assuring that AIICO is strategically positioned to exploit the opportunities of the emerging market and ready to face unforeseen challenges. He urged all shareholders to ensure patronage of the company in all areas of their business.Contributing, the National Coordinator of the Independent Shareholders Association of Nigeria, Sir Sunny Nwosu joined other shareholders to commend AIICO for the year’s performance.while urging the board and management to improve on their strategy in attracting greater investments.
He noted the opportunities that avail the industry in the Lagos State Government Property Insurance Law, which he pleaded that the company should take full advantage of. Nwosu implored the company to always advertise its claims payments as these will attract more investors to the company.