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Tag: AIICO Insurance Plc

  • AIICO reimagines future of protection with new identity

    AIICO reimagines future of protection with new identity

    AIICO Insurance Plc has officially unveiled its refreshed brand identity, marking a significant milestone in its evolution as one of Nigeria’s most trusted and established insurance institutions, the Managing Director/Chief Executive Officer of AIICO Insurance Plc., Mr. Babatunde Fajemirokun has said.

    Fajemirokun who spoke during the unveiling in Lagos said the brand refresh signals renewed energy, youthfulness and innovation, while reinforcing the company’s longstanding commitment to trust, reliability and exceptional customer experience.

    He said it also brings to life a revitalised visual and experiential identity designed to reflect modernity, optimism and relevance in a rapidly evolving marketplace, noting that the refreshed brand is a representation of AIICO’s forward-thinking vision, one that connects with today’s dynamic consumers without losing touch with the values that have sustained it for over six decades.

    He said: “The brand refresh as both a strategic and cultural shift for the organisation which serves a diverse customer base spanning multiple generations, from long-standing policyholders who have built their trust over years, to younger, digitally-savvy customers seeking flexible, accessible, and future-focused financial protection.

     The new identity embraces this broad spectrum, positioning AIICO as a brand that evolves with its customers while remaining rooted in its legacy of dependability and service excellence.

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     “Today’s unveiling represents more than a new look; it represents a renewed mindset. We have refreshed our identity to reflect the vibrancy, resilience and forward momentum of our brand. While our appearance has evolved, our promise remains unchanged: to protect, to serve, and to continually place the customer at the centre of everything we do.

    This refresh reinforces our commitment to delivering innovative, reliable solutions for this generation and the next.”

    Also commenting on the unveiling, the Chief Digital and Information Officer (CDIO), Mr. Olusanjo Shodimu, emphasised the brand’s alignment with AIICO’s digital transformation and innovation agenda.

    “The refreshed brand is a true reflection of where AIICO is headed. It mirrors our focus on digital enablement, smarter processes and more connected experiences for our customers and partners. We are building an organisation that is agile, tech-driven and deeply responsive to changing customer expectations. This new identity is a visual and strategic signal that AIICO is ready for the future.

    “The rebrand extends across AIICO’s digital platforms, office environments, customer touchpoints and communication materials, ensuring a consistent, modern and engaging experience for stakeholders at every point of contact. With this unveiling, AIICO Insurance Plc strengthens its position as a brand that combines legacy with innovation, tradition with transformation, and trust with renewed vitality – ready, more than ever, to serve its customers, partners and communities with excellence”, he added.

  • ‘NIIRA 2025 has enhanced insurance sector’s outlook’

    ‘NIIRA 2025 has enhanced insurance sector’s outlook’

    Managing Director, AIICO Insurance Plc, Mr. Babatunde Fajemirokun has said the recent uptrend in insurance stock prices appeared to reflect a combination of expected fundamental improvement and short-term speculative positioning.

    He stated that the Presidential assent to the NIIRA has created a positive sentiment around the sector by signalling stronger enforcement of compulsory insurance provisions, enhanced prudential standards and higher capital requirements — all of which should, in principle, improve long-term industry profitability and resilience.

    That said, he noted that it’s difficult to attribute the move entirely to fundamentals at this early stage, noting that part of the rally may also be driven by “FOMO” (Fear of Missing Out) and speculative activity, which is typical when a major regulatory catalyst is announced and the market begins to price in future growth before actual results materialise.

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    He said: “The small bouts of profit-taking we observed towards the end of the week further suggest that at least some investors were reacting to short-term momentum rather than a full re-rating of intrinsic value.

    “In essence, the market seems to be pricing in an expectation of sectoral growth and improved earnings quality — but over the coming weeks, we’ll get better clarity on whether the rally is sustained by tangible progress or moderates as the initial speculative interest subsides.

    “One can speculate that some companies have already met the recapitalisation requirements, however, we await the final guidelines and verification by the Commission”, he added.

    The NIIRA 2025 introduces stringent capital requirements, mandates compulsory insurance policies, and promotes digital transformation within the sector. These reforms have bolstered investor confidence, leading to increased demand for insurance equities. Analysts anticipate continued growth in the sector, driven by enhanced governance, operational resilience, and expanded market opportunities.

  • AIICO Insurance to create 16b new shares

    AIICO Insurance Plc  is arranging to increase its authorised share capital through the creation of 16 billion new ordinary shares of 50 kobo each.

    The board of directors of the insurance company has called an extra-ordinary general meeting of shareholders for next month during which shareholders are expected to consider and approve the creation of additional shares.

    The board of the insurance company is seeking shareholders’ mandate to increase the company’s authorised share capital from N10 billion of 20 billion ordinary shares of 50 kobo each to N18 billion of 36 billion ordinary shares of 50 kobo each.

    Market analysts believed that the increase in authorised share capital was meant to create headroom for the company to raise new capital through issuance of new equities.

    The National Insurance Commission (NAICOM) recently released new capital requirements for insurance companies. Many insurance companies are expected to raise funds to beef up their capital base. Many analysts also expected a considerable consolidation of the Nigerian insurance sector, with capitalisation as a major benchmark.

    NAICOM had in May 2019 released new capital requirements for insurance businesses with a 13-month compliance period for operators to shore up their minimum capital base to the required level. The minimum paid-up share capital of a life insurance company was increased from N2 billion to N8 billion, non-life insurance from N3 billion to N10 billion, composite insurance from N5 billion to N18 billion while re-insurance companies were directed to raise their capital base from N10 billion to N20 billion. Insurance companies are required to comply with the new minimum capital base by June 30, 2020.

  • AIICO launches Agric Insurance

    In response to the need for adequate insurance to protect investments in agricultural sector, AIICO Insurance Plc has launched its Agriculture Insurance policy.

    To achieve optimal result, the underwriting firm has partnered Nigeria Incentive Risk Sharing System for Agricultural Lending (NIRSAL).

    Its Managing Director, Edwin Igbiti, who spoke during the official launch  in Lagos said the firm was taking strategic position to be a major player in offering Agriculture Insurance in order to deliver the much needed protection to the various players in the agricultural value chain.

    According to him, insurance coverage in the country is still extremely low when compared to small holders farmers, adding that it is obvious that active participation of insurance companies is required to deliver much needed protection to farmers and other stakeholders in Agricultural sector in terms of risk exposure.

    AIICO, he said, has decided to come in as an insurance leader in the industry in taking this strategic position to be a major player in offering agriculture insurance in order to deliver the much needed protection in different players in agricultural value.

    “Having recently obtained approval of our regulator, NAICOM, as an agricultural insurance underwriter,” he said, “the company is uniquely positioned to offer both indemnity and index based agricultural products to all farmers at all level.”

    He added: “As investors, we are looking to tap the good potential of the sector through its value based insurance proposition. It is our fine believe that our boldness in introducing full array of agricultural insurance product offerings to the market will go a long way to support the initiative and intervention of government and job governmental organisations towards the development of the agricultural sector.

    “With an average contribution of 24 per cent, agriculture has remained a significant contributor to Nigeria’s GDP. Being the provider of employment for over 60 per cent of the population, agriculture is pivotal to economic development, and more of the efforts to revive the economy, and reduce significantly the level of poverty, should be devoted to energising the agricultural sector. The agricultural sector is exposed to extremely high degree of risk arising from natural factors like weather conditions, pests and diseases and other environmental forces.”

    NIRSAL’s Executive Director, Mr. Babajide Arowosafe, on his part, said agriculture is permeating every sector, especially the financial sector of the economy

    He lauded AIICO for taking the giant stride to provide insurance cover for farmers and partnering NIRSAL.

    He explained that NIRSAL is one of the institutions established by the Central Bank of Nigeria (CBN) to permeate the agricultural sector.

     

  • PenCom clears over 4000 firms to bid for FG contracts

    The National Pension Commission ( PenCom ), on Wednesday issued compliance certificates to more than 4,000 firms to enable them bid for Federal Government contracts.

    Dr Amino Farouk, the Head, Research and Corporate Strategy Department, PenCom made this known in an interview with our correspondent in Lagos.

    He said as at March 23, about 353 firms had complied with the requirements as stipulated in the Pension Reform Act ( PRA ) 2014, and were subsequently cleared to secure Federal Government’s contracts.

    “The 353 companies pushed the total sum of the companies the commission issued compliance certificates since PenCom’s inception to over 4000,’’ Farouk said.

    According to him, the certificate is evidence that they have fully paid the contributions of their employees.

    “The compliance certificates issued to the firms meant they had fully paid the contributions of their employees and had paid the premium for Group Life insurance covering their employees fully.

    “Thus, in the event of death in active service, their families will be paid benefits to the tune 300 per cent of the deceased’s full annual salary and allowances,’’ Farouk said.
    He appealed to Ministries, Departments and Agencies (MDAs) to support the initiative of issuing certificate of compliance to deserving firms.

    “Some MDAs often accept spurious evidence of compliance from contractors and being reluctant to ensure that companies bidding for works fulfilled their obligations relating to pensions as enunciated in the Public Procurement Act 2007.

    “The commission posited that methods deployed by MDAs include, the exclusion of the pension requirement in the advertisement for contractors or acceptance of spurious evidence of compliance from them.

    “We once again appeal to them to support the laudable initiative,’’ he stressed.

    According to Farouk, some of the firms cleared by the commission included Reynolds Construction Company Limited, which has 3,643 employees and has also contributed N726.43 million.

    Others are: Leadway Assurance Company Limited, with 283 employees, and has contributed N133.02 million, Ghazi Shipping and Trading Company Limited, with five employees contributed N3.13 million, AIICO Insurance Plc, with 264 employees contributed N135.11 million.

    Farouk also said Cornerstone Insurance Plc with 204 employees, contributed N132.20 million, Linkage Assurance Plc, which has 231 employees, contributed N65.50 million.

    NSIA Insurance Limited with 99 employees, contributed N27.95 million, while Solid Trust Insurance Brokers Limited with nine staff contributed N5.03 million.

    “Risk Analyst Insurance Brokers Limited, has nine employees and contributed N2.42 million.

    “Prorisk Insurance Brokers Limited has nine staff and contributed N2.42 million, while Image Brokers Limited has 16 employees and contributed N1.51 million.

    “Wib Insurance Brokers Limited with three staff, contributed N855,499.58 and Denos Insurance Brokers Limited with nine staff, contributed N660,240.12,” said Farouk.’’

    Similarly, Geo-Chem West Africa Limited with 19 employees contributed N3.86 million, while Setraco Nigeria Limited with 2839 employees contributed N455.05 million.

    North South Power Company Limited, with 331 employees contributed N114.65 million, just as Oriental Energy Resources Limited with 43 employees contributed N41.59 million, among several others.

    NAN

  • Insurance firms petition Okonjo-Iweala, others over N3.5b police cover

    Insurance firms petition Okonjo-Iweala, others over N3.5b police cover

    • NAICOM disclaims involvement

    Insurance companies are at war over the alleged diversion of N3.54 billion Police Group Life Insurance premium to Custodian Life Insurance.

    AIICO Insurance Plc and Standard Insurance Consultants Limited are leading a group of other 42 underwriters and brokers in protest against the National Insurance Commission (NAICOM), the Office of the Accountant-General of the Federation (OAGF) and the Nigeria Police Force over the alleged action

    They have petitioned the Minister of Finance, Dr. Ngozi Okonjo-Iweala, and the Attorney-General and Minister of Justice, Mohammed Adoke, through the legal firm of Alade Agbabiaka & Co., seeking their intervention on the matter. They described the action as astonishing, unlawful and out of order.

    Copies of the petition were also sent to the Director-General, Bureau for Public Procurement (BPP), Emeka Ezeh; Accountant-General of the Federation (AGF), Jonas Otunla and the Commissioner of Insurance, Fola Daniel.

    AIICO and Standard Insurance Consultant said they were appointed to provide group life insurance for the Nigeria Police Force (NPF) from January 1 to December 31, last year, claiming the deal was approved by the Office of the Head of Civil Service of the Federation, (HCSF).

    They claimed that after offering the service and it was time for payment, the money was diverted to various set firms, namely- Custodian and Hogg Robinson.

    But, in a statement signed by its Head, Corporate Affairs, Rasaaq Salami, the Commission said there is no substance in the allegation

    The statement reads: “The attention of the NAICOM has been drawn to a report in Premium Times, an online media publication and blueprint newspaper on her purported connivance with the Office of the Accountant-General of the Federation in the alleged diversion of the Police Group Life Insurance premium to Custodian Life Insurance Company.

    “While it is not in the character of NAICOM to join issues with insurance industry operators on the pages of newspapers, it is, however, imperative to present the facts before the press and members of the public to avoid being further misled. NAICOM hereby disclaims the allegations in the strongest words possible and state thus:

    “The Commission is not involved in the pre-qualification and selection of awarding the Group Life Insurance Policy (GLIP) of the Nigeria Police or any agency to insurance brokers or underwriters.”

    The Commission has no mandate to direct the Accountant-General of the Federation to effect premium payment to any particular insurance company or Broker for any insurance contract, Salami stated, adding that the Commission could not, did not direct the Accountant-General to pay an insurance firm in a transaction she was not a party to nor has no powers over.

    He added: “Having said this, it is, however, pertinent to note that the Commission is aware that the Pension Reforms (Amendment) Act 2011 provided that “The categories of persons mentioned in Section 291 and members of the Armed Forces of the Federation in Section 217 of the constitution of the Federal Republic of Nigeria, 1999 and members of the Intelligence and Secret Services shall be exempted from the Scheme.”

    Records reveal that PENCOM wrote the Inspector-General of Police on August 7, 2012 to advise the Police Force “on the need to expedite action and solely/entirely handle the Nigeria Police Force’s Group Life Insurance Policy from 2013 financial year … and to make necessary arrangements to submit the 2013 budget proposal on Police’s GLIP to the Budget Office of the Federation.”

  • AIICO introduces e-insurance service

    AIICO Insurance Plc has introduced an online service, AIICO e-insurance, which it said will provide convenience in the purchase and renewal of insurance policies by customers.

    Its Managing Director, Mr. Edwin Igbiti said the service will also allow customers to pay premium, manage policies, request for quotes, and report claims online from the comfort of any location with internet access.

    Igbiti stressed that AIICO e-insurance has come to change the face of the insurance industry in the country, noting that the intention is to be fluid in innovation and more customer-centric.

    He said the insurance industry has become very competitive and companies are finding many ways of retaining clients and attracting new ones.

    According to him, the company which is under a new management has come up with new strategies to emerge the market leader by building and exploiting many transient competitive advantages.