AIICO Insurance Plc has announced the unaudited results for the third quarter ended September 30, 2009.
The results indicate that gross premium income went up by 39.52 per cent, from N5.532 billion 0n September 30, 2008 to N7. 719 billion on September 30, 2009. Also, investment and other income dropped from N1.277 billion to N1.156 billion, representing 9.52 per cent growth, while profit before taxation went up by 62.98 per cent from N884,562.00 million to N1. 442 billion in the reviews period.
A release signed by Mr. S. A. Oduroye, Company Secretary/Legal Adviser said: "The Directors of AIICO Insurance Plc hereby announce the results of the company for the third quarter ended September 30, 2009 with the comparative figures for the corresponding period of the previous year. "The figures are self-explicating, healthy premium income growth has translated to superior margins in profitability, giving rise to a better future still by year end. Management are optimistic that the bottom line at the end of 2009 shall attain the one and half billion naira mark."
Meanwhile, the management of AIICO Insurance has reiterated its determination to retain leadership position in the Nigerian insurance landscape. A release from the company points to indices in the capital market as the company sustained the bullish trend of its shares in the markets in 2010, means investors are taking notice. The release of its third quarter 2009 results with an almost 63 per cent increase in profit after tax has made AIICO Insurance shares the most valuable and sought after in the insurance sector on the floors of the Stock Exchange.
Throughout last week, AIICO Insurance made high gains and was the sector leader before closing at N1.12. Analysts attribute AIICO's leadership to its dominance of the insurance sector. It is the sector leader in Life Insurance services and one of the top two leaders in the General Insurance business in Nigeria. It has a very robust presence in the oil and gas business and controls a major share of the Travel Insurance business. Indices suggest AIICO's consistent performance are due to the fact that its market-based valuation compare favourably with its peers, and even better, as well as the perception as a good insurance stock among brokers. This perception is based on the reality of AIICO's solidity in the Nigerian Insurance landscape. The company is seen as the giant of the Nigerian insurance industry with innovative management and customer-oriented services.