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Tag: AIICO

  • AIICO is Outstanding Insurance Company of the Year

    AIICO is Outstanding Insurance Company of the Year

    AIICO Insurance Plc, a trailblazer in Nigeria’s insurance industry, has bagged the Outstanding Insurance Company of the Year award at the 2025 MARKETING EDGE Brands & Advertising Excellence Awards held in Lagos.

    This recognition marks the third consecutive year that AIICO has been celebrated at the prestigious event, reinforcing its stature as a leading composite insurer that continues to define excellence in the marketplace.

    In 2023, AIICO was named “Insurance Company of the Decade”, followed by another top industry honour in 2024, before emerging this year’s Outstanding Insurance Company of the Year.

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    The organisers of the award noted that AIICO’s selection was based on its sterling performance and the remarkable positive impact it continues to make on the Nigerian financial services industry.

    The company’s consistency in delivering value to customers, while driving innovation and service excellence, has positioned it as a brand of choice across generations.

    Speaking on the recognition, Head of Marketing and Communications, at AIICO Insurance Plc, Mr. Segun Olalandu said the recognition affirms their strength and relevance in the marketplace.

    At AIICO, we will not rest on our oars. We remain intentional about delighting our customers, meeting their needs, and surpassing their expectations with innovative solutions and superior service. This latest award further strengthens AIICO’s long-standing reputation as a trusted brand and a consistent leader in Nigeria’s insurance sector, he said.

  • AIICO strengthens bonds with retiree community

    AIICO strengthens bonds with retiree community

    AIICO Insurance Plc has reaffirmed its commitment to the well-being of its annuity customers, primarily retirees at an annuitants forum.

    The company spoke at the second Annuitants Forum.

    Managing Director/Chief Executive Officer, Mr. Babatunde Fajemirokun, stated that the event reflects AIICO’s dedication to supporting and nurturing a strong relationship with those who have entrusted the company with their financial security in retirement.

    He stated that as part of its customer care efforts, AIICO provided free health checks and investment tips at the programme, demonstrating its holistic approach to the welfare of its esteemed customers in this important phase of life.

    He said: “At AIICO, we don’t just provide products, we provide security, stability, and a future that allows you to thrive. Our commitment goes beyond paperwork and contracts; see our roles as helping you enjoy the fruit of your labour in a manner that is dignifying and empowering.

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    “I am proud to share that our annuity customer base has steadily grown over the years and continues to increase, each one part of a strong and thriving community.

     Our annuitants are not just customers; they are members of the AIICO family. In terms of financial performance, we disburse an outstanding N1.3 billion per month, ensuring that each one of you receives a guaranteed income stream, regardless of market fluctuations. This consistency is the hallmark of AIICO’s stability.’’

     Head of Retail Business Division at AIICO,  Mr. Gbenga Ilori, said: “We believe in actively listening to our customers rather than making assumptions from behind our desks. This forum is designed to engage with them directly, allowing us to truly understand their needs and preferences. It’s our way of ensuring that we’re not just meeting their expectations but exceeding them. By hearing their feedback firsthand, we can identify any gaps, address concerns, and continually enhance the quality of our service. Their satisfaction and well-being are our top priorities, and we are committed to serving them in the best way possible.’’

  • AIICO maintains strong growthtrajectory, records N12b profit

    AIICO maintains strong growthtrajectory, records N12b profit

    AIICO Insurance Plc has continued its strong growth trajectory as it declared a profit after tax of N12 billion in the financial year ended December 31, 2023, up from the N5.2 billion it posted during the corresponding period in 2022.

    Presenting the figures to the shareholders at the 54th Annual General Meeting (AGM) of the company in Lagos, its Chairman, Mr. Kundan Sainani, noted that the profit after tax increased by 132.6 per cent.

    Sainani further said 2023 produced other significant gains for the company as a consequence of the meticulous execution of its business strategy, resulting in a gross written premium of N110.1 billion during the review year as against N88.3 billion in 2022.

    The result, according to him, was achieved as the company transitioned from using IFRS 4 to IFRS 17 Standard, which resulted in the recognition of insurance revenue of about N72.6 billion from N54.8 billion in 2022, demonstrating the company’s commitment to transparency and robust financial practices.

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    The AIICO chair said these results were achieved in the midst of serious socio-economic challenges typified by increases in monetary policy rate, inflation, removal of fuel subsidy, forex scarcity, and the 2023 Fiscal Bill, which contributed to the rise of domestic prices.

    Sainani said: “Despite this unsettling landscape, 2023 was another strong year for AIICO, with the firm generating impressive record revenue and substantial growth. Our profits for the period increased by 132.6 per cent to N12 billion from N5.2 billion in 2022, reflecting strong underlying performance across our businesses.’’

    Referencing the dynamics in the economy and projecting into the future, Sainani said AIICO remains resilient and adaptable, ready to provide more favourable terms to its valued customers and strategically invest in opportunities that yield advantageous returns.

    On his part, AIICO’s Managing Director/Chief Executive Officer, Mr. Babatunde Fajemirokun, assured the shareholders of high value and better returns on investment in the years ahead.

    Fajemirokun said the board and management were considering devoting a bigger chunk of future profits to dividend payments.

    Other major highlights of the AGM included the election of Mrs. Kemi Adewole to the Board of AIICO as an Independent Non-Executive Director and engagement of Mr. Gbenga Ilori as an Executive Director.

    Shareholders, however, commended the board and management of AIICO for strengthening the company’s fundamentals as well as growing its asset base.

  • ‘AIICO’s annuity customers get N1.3b monthly’

    ‘AIICO’s annuity customers get N1.3b monthly’

    AIICO Insurance Plc disburses a staggering N1.3 billion to its annuitants monthly, providing them with a guaranteed stream of income for their retirement.

    Its Managing Director/CEO, Mr. Babatunde Fajemirokun, who made this known, stated that AIICO’s commitment to financial security goes beyond offering products but fosters a growing community of financially empowered individuals, evident in the continuous rise in its annuity customer base.

    This growth, according to him, is fuelled, not only by new customer acquisition but also by the trust and positive experiences of existing policyholders, who have referred friends and family to the product.

     Customers attested that the product has had a huge impact on them.

    Mr. Samuel Ogunremi, an annuity customer, said: “I have been with AIICO since 2012, and I have no cause for regret. People ask me how I have been getting my retirement money every month without disappointment. I always tell them to try AIICO Insurance because they have been paying me without fail. Since I retired, AIICO hasn’t let me down. I always get my payment monthly,” Ogunremi said.

    Read Also: AIICO sponsors brokers for sustainable institutions

    Another annuity recipient, Mrs. Ayetunde Aiso, a former civil servant, added: “Ever since I signed up for AIICO’s annuity for my retirement, I have always received my payment as and when due – no delays and no stories.”

    Executive Director/Head of Retail Business, AIICO, Mr. Gbenga Ilori said: “At AIICO, we understand the importance of financial stability, especially during retirement. Our annuity is designed to address this very need, offering our customers peace of mind with guaranteed monthly payouts for life. We are proud to be a part of their financial journey.

    “We are confident that the annuity market holds immense potential, and we are well-positioned to capitalise on this growth. Our robust financial standing and exceptional customer service ensure that our annuity policyholders receive not only a guaranteed income stream but also peace of mind throughout their retirement journey.”

  • AIICO sponsors brokers for sustainable institutions

    AIICO sponsors brokers for sustainable institutions

    To demonstrate their commitment to collaboration in the industry, AIICO Insurance has sponsored the Nigerian Council of Registered Insurance Brokers (NCRIB) focusing on fostering professional development and service excellence in the  subsector.

    The company featured as the lead sponsor for the NCRIB CEOs’ Retreat in Uyo, the Akwa Ibom State capital.

    The event had as its theme: “Building institutions that survive their promoters”.

    Special Guest of Honour/Akwa Ibom State Governor, Mr. Umo Bassey Eno, represented by the state Commissioner for Economic Development, Mr. Bob Emem, stressed the need for collaboration between the insurance industry and the public sector to harness the inherent potentialfor value creation.

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    He promised to make recommendations to the state government on areas of cooperation between the state and the industry.

    Commissioner for Insurance, also represented by the Deputy Commissioner, Finance and Administration, Mr. Ekerete Gam-Ikon, emphasised on the concept and importance of building enduring institutions.

    He further assured stakeholders of NAICOM’s commitment to creating lasting legacies, built on robust governance, innovation and dedication to ethical practices.

    AIICO Insurance Plc’s Executive Director, Mr. Adewale Kadri, commended the brokers for their industry and professionalism.

  • AIICO celebrates children with gifts

    AIICO celebrates children with gifts

    As part of its International Children’s Day celebration, AIICO Insurance Plc has honoured and rewarded pupils, making the day memorable and remarkable for them in Lagos.

    AIICO Insurance, leveraging partnership with Lagos Food Bank, a non-governmental organisation, said it donated packs of school supplies, and refreshments to hundreds of pupils in four low-cost nursery/primary schools.The schools visited include Best Legacy Nursery and Primary School, Victory Nursery and Primary School, Learners Guide Nursery and Primary School, and Debbie Frank Nursery and Primary School, all within Agege, Ikeja areas of Lagos.

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    In a statement, the company’s Corporate Responsibility & Sustainability Manager, Mrs. Abimbola Shobanjo, said: “We deeply care about the well-being of these children, and it is important to demonstrate our commitment, especially on a day like this.They are the future leaders of our generation, and we are dedicated to finding ways to positively impact their lives, ensuring they have every opportunity to thrive and succeed in their education. By providing essential supplies and support, we aim to inspire and empower them to achieve their dreams and make a positive impact on the world.’’

  • AIICO increases share capital to N18b

    To meet the new minimum capital requirement for the industry, AIICO Insurance Plc has received shareholders’nod to increase its authorized share capital from N10 billion to N18 billion.

    The shareholders gave the approval at the Extra-Ordinary General Meeting (EGM) in Lagos.

    Read Also: AIICO Insurance to create 16b new shares

    Its Chairman, Mr. Kundan Sainani, disclosed that AIICO has received the National Insurance Commission’s (NAICOM’s) ‘No Objection’  to its recapitalization plan, which includes a combination of private placement, rights issue and bonus issue.

    Its Managing Director, Mr. Babatunde Fajemirokun explained that the private placement is at an advanced stage with investors.

  • AIICO gets Executive Director

    The Board of Directors of AIICO Insurance Plc has appointed Mr. Olusola Ajayi as Executive Director, its Head, Strategic Marketing & Communications Department, Segun Olalandu, announced in Lagos.

    In a statement, he said it follows the approval of the National Insurance Commission (NAICOM).

    Olusola is an experienced business leader with over fifteen years’ leadership positions in management consulting and insurance in Nigeria and the United Kingdom. He joined AIICO in 2009 as head of the Business Strategy and Transformation teams.

    In 2013, ‘Sola assumed leadership of the retail life insurance business, and has led the transformation of the agency business, by deploying cutting-edge solutions and enabling capabilities which has resulted in significant growth in the company’s annual premiums and asset under management (AUM).

    Prior to joining AIICO, he worked at the prestigious consulting firm Accenture (Lagos) in the Financial Services market unit, before joining Deloitte Consulting (London, UK). As a business consultant in both firms, he supported/led business transformation initiatives in Strategy, Process Optimisation and Technology Deployments.

    In this new position, he will oversee the group retail division, with a mandate to drive growth across the group retail businesses and retaining AIICO as an industry leader.

    Mr. Olusola currently serves as Chairman of the Board of AIICO Multishield Limited, the Group’s Health Maintenance Organisation (HMO). He holds an MBA from INSEAD and obtained his first degree in Chemical Engineering from the University of Lagos. Sola is a certified Project Manager as well as a Senior Member of the Chartered Insurance Institute of Nigeria.

  • AIICO grows gross premium by 17.4%

    AIICO Insurance Plc’s gross premiums for the year ended December 31, 2018 has grown by 17.4 per cent to N37.7 billion from N32.1 billion reported in 2017.

    The growth, according to the company, was predominantly driven by both of its Life and Non-life businesses.

    The company said the deliberate approach to risk selection, superior technical underwriting capabilities and reinsurance arrangements led to over 180 improvement in our underwriting profits from negative N4 billion in 2017 to over N3.2 billion in 2018.

    Profit before tax stood at N3.4 billion over N3.0 billion recorded in the corresponding year ended December 2017.

    Shareholders however got dividend of N415.8 million representing 6k per ordinary share of 50 kobo each.

    Speaking at the company’s 49th Annual General Meeting, AIICO Chairman, Mr. Bukola Oluwadiya stated that indeed 2018 was another better year for the company, adding that the meticulous execution of their transformation plans continued to yield expected results with year-on- year improvements in their performance.

    Oluwadiya disclosed that during the year under review, there was growth in their major business lines and tangible equity {value} increased again this year, compared to 20l7.

    He said: “Net Asset Value(NAV) increased by 39.4 per cent from N10.9 billion in 2017 to N1S.2 billion in 2018. Increase in NAV was driven by profit for 2018. The total assets of the company increased by 19 per cent to NI09 billion compared to N92 billion in December 2017. We continue to strengthen our balance sheet and build a strong financial base needed to propel our company to the next phase of growth.

    “We are increasing the total dividend payment this year by 20 percent and as we move forward, the Board has decided to move to a progressive dividend policy to deliver superior returns to our shareholders. Our plan is to maintain or grow the ordinary dividend per share over time depending on business performance, growth prospects and regulatory solvency requirements.”

    The Managing Director, AIICO, Edwin Igbiti, said across the g       roup, gross written premiums increased 17.4 per cent from N32.l billion to N37.7 billion driven by growth in our life and non-life businesses.

  • AIICO launches scheme

    AIICO Insurance Plc has launched a free Entrepreneurship Development Programme.

    In a statement, the firm’s Executive Director and Chief Operations Officer, Babatunde Fajemirokun, has said through the programme, the firm aims to empower Nigerians with the requisite knowledge and skills for entrepreneurship. It  also aimed at employment generation, poverty reduction and economic growth.

    He said the programme is open to individuals who desire to have the freedom to pursue their own vision, become bosses; have flexible lifestyle and potentials for alternate sources of income beyond salary.

    He stated that while entrepreneurial opportunities were low, not everyone is able to spot them and only few succeed in leveraging them.

    According to him, the programme helps beneficiaries to spot new business opportunities  and guides on dos and don’ts of succeeding. It is based on cutting edge information, tools and concepts of entrepreneurship.

    Fajemirokun added: “Nigerians with entrepreneurial potential and dreams of self-reliance can take advantage of the programme to gain momentum and become viable, irrespective of challenges.

    “We want to help them to see opportunities around them and equip them with the knowledge and skill to make the most of it, profitably. We have the manpower and have made adequate provisions to ensure the continuity of this programme. Interested individuals should visit our website to sign up. Certificates shall be issued to participants upon successful completion.’’

    AIICO, a leading composite insurer, started business in 1963.