The Nation Newspaper

Tag: AIICO

  • AIICO gets ISO 22301 recertification

    AIICO Insurance Plc has been recertified for the second consecutive time for ISO 22301 by the renowned British Standards Institute, the global topmost ISO certification institution.

    This was made known in a statement made available to reporters by  the Head, Strategic Marketing & Communications Department, Atinuke Jose, in Lagos.

    She stated that AIICO was the first insurance company in Africa to bag the certification in 2013, adding that the purpose of the certification is to ensure that all risks to the business and the realisation of its objectives are adequately catered for.

    She said: “ISO 22301 specifies the requirements for a management system to protect against, reduce the likelihood of, and ensure an organisation recovers from disruptive incidents.

    “The company underwent its second recertification audit process in 2019, scaling through without nonconformities. This shows that AIICO has continued to embed the Business Continuity Management System within its processes, ensuring that the resilience of its services is maintained and improved on. The success of this recertification is indicative of Management’s commitment to ensure continuity in delivery value to its customers, shareholders and all other stakeholders,” she noted.

    AIICO started operations in 1963. It provides life insurance, health insurance, general insurance, wealth management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.

  • AIICO empowers students with work tools

    To ignite passion for science and technology innovation in youths, AIICO Insurance Plc has donated thousands of mathematical sets and calculators to pupils and students in over 30 primary and secondary schools across six states of the federation.

    Its Executive  Director and Chief Operating Officer, Mr. Babatunde Fajemirokun in a statement, said this was in line with the organisation’s commitment to promoting literacy and aiding adoption of STEM in schools.

    STEM is a curriculum based on the idea of educating students in four specific disciplines – Science, Technology, Engineering and Mathematics and this campaign is being championed across various climes, including Nigeria.

    AIICO, he said, identifies with this initiative and supports government’s drive to entrench STEM in schools by encouraging young ones to pursue STEM subjects.

    AIICO Insurance, a leading corporate insurer in Nigeria, began operations in 1963. It provides life insurance, health insurance, general insurance, wealth management and pension management services as a means to create and protect wealth for individuals, families and composite customers.

  • Wema Bank, AIICO partner on access to retail Insurance

    Wema Bank Plc will be partnering with AIICO Insurance Plc to increase access to retail insurance products using the lender’s network.

    The formalisation of the partnership followed its endorsement by the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN).

    Following the increase in uptake of retail insurance products and services across the country, the Head, Retail & SME of Wema Bank, Dotun Ifebogun said the bank was delighted with the partnership, noting that through it, Wema Bank will be able to refer customers in need of any form of insurance to AIICO through it wide branch network and digital platforms.

    This is a strategic move to position the bank as a one-stop shop with a bouquet of products and services that meet a variety of needs.

    Both organisations have a legacy of trust and resilience that has won the loyalty of customers over decades. Reacting to the development, AIICO Insurance Technical Executive Director, Adewale Kadri said it was another move by AIICO to demonstrate its commitment to increase awareness and deepen access to retail insurance products in Nigeria. The public can now access AIICO’s bouquet of retail products through Wema Bank’s digital channels.

  • AIICO,Wema partner

    AIICO Insurance Plc., one of the leading in-

    surance companies in Nigeria, has concluded arrangements with Wema Bank to increase access to retail insurance products leveraging  the bank’s network.

    This followed the endorsement of the initiative by the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN).

    AIICO Insurance Technical Executive Director, Adewale Kadri said it was another move by AIICO to demonstrate its commitment to increase awareness, access and deepen insurance penetration.

    According to him, the public can be linked to AIICO’s bouquet of retail products through Wema Bank’s digital channels.

    The Head, Retail & SME of Wema Bank, Dotun Ifebogun said the bank was delighted  with the partnership.

    He said both organisa-tions have a legacy of trust and  resilience that has won the loyalty of customers over decades and that they looked forward to fruitful outcomes on this endeavour.

  • AIICO posts N5b increase in gross premium

    AIICO  Insurance  Plc  has posted an increase in its gross premiums from N27.06 billion in the 2016 financial year to N32.1 billion in 2017. This represents an increase of N5.03 billion or 19 per cent growth.

    Its Managing Director, Edwin Igbiti, who spoke at a press briefing, said the diluted earnings per share for the year was 13 kobo per share, down from 105 kobo per share in 2016.

    Igbiti said the firm experienced significant growth as a company in 2017, noting that it significantly increased its capacity and improve  processes to meet up with customer demands.

    Over the next few years, he added, it plans to grow the businesses.

    “This means the firm must invest in technology and people to ensure that processes are more efficient to increase customer service levels,” he said.

    Its Executive Director, Babatunde Fajemirokun, explained that the life business grew by 15 per cent from N18.8 billion to N21.6 billion in 2017.

    He said: “This growth was driven by the increased popularity of our traditional life products: the ordinary life business grew 29 per cent in 2017 to N16.4 billion from N12.8 billion in 2016. Non-life business grew from N7.6 billion in 2016 to N8.7 billion in 2017.  We have worked to improve our relationships with agents, brokers and various intermediaries this year to improve performance.

    “There was a change in how premiums in our health management subsidiary are recognised. Premiums from some capitated plans, previously unrecognised in the income statement were recognised in 2017. The impact of this change was N1 billion.”

  • AIICO claims payment grows to 55%

    AIICO’s gross claims payment has increased by 55 per cent from N14.9 billion in its 2016 financial year end to N23.3 billion in 2017.

    This development has excited the management of risk bearing firm. It said the firm is in operation to provide protection for clients by paying claims when a loss is established.

    Its Executive Director, Babatunde Fajemirokun who spoke during a media briefing with reporters to announce the company’s financial results for the year ended December 31, 2017 in Lagos, said the rise in claims was due largely to the increase in benefits payments in the life business of the company.

    He said benefits payments grew N6.1 billion or 53 per cent to N17.6 billion in 2017. According to him, the life business is dominated by contracts with clients that stipulate payouts at pre-determined times. He noted that it is therefore logical that as the business grows, payouts grow accordingly.

    He said cash and investment management are two critical activities that management of the firm keep a very close eye on.

    He said: “Claims in the non-life and health management increased by N1.1 billion each. Claims in health management increased due to the recognition of capitated premiums.

    These premiums are paid out directly to hospitals and are thus recognised as claims; in the non-life business, our net claims ratio increased marginally in 2017, from 37 per cent to 42 per cent.

  • You can trust AIICO, MD assures

    You can trust AIICO, MD assures

    AIICO Insurance assures  that if you are in search of an insurance firm that you can trust, it will serve you and ensure that you are not disheartened.

    Managing Director, AIICO Insurance, Edwin Igbiti, stated this in a chat.

    He said the company aims to be the leading provider of financial services that cater to both individual customers and organisations.

    ‘’Our expertise in the industry is a testament of our commitment to great service and a culture that thrives on innovation and passion,’ Igbiti said.

    “Over the years, we have remained dedicated to developing our people, strengthening our operational efficiency, and building trusting relationships with our clients and partners.

    “We aspire to create consistent value for our customers and stakeholders and will continue to improve on key indices such as prompt claims payment, proactive risk management and competitive pricing”, he added.

     

    Our Testimonials

    Income investment plan: AIICO’s Benefits team was notified of a death claim on an investment policy two days after the insured commenced his policy. We provided the family with all the details and documentation; thereby, ensuring smooth payment shortly after.

    The benefactor expressed appreciation and surprise at our prompt service and payment, which lessened the financial burden for the burial.

    Fire & burglary policy: AIICO’s Property Claims team was notified of a fire incident at an insured’s factory. An adjuster was immediately assigned to inspect the site, ascertain the extent of damage, and determine the time required to repair the damage.

    AlICO acted promptly in line with the terms and conditions of the policy. The insured was indemnified and the factory was able to resume production.

    Aiico auto policy: Auto Claims team received a claim report about an accident, which led to the total damage of the back bumper of our insured’s car.

    The claims team worked with the insured for necessary documentation. Our technical experience and knowledge allowed us negotiate with the relevant parties, and we returned the fixed car after a short while. This, in turn, meant lower claims costs for our clients.

     

    OUR STORY

    AIICO started operations in Nigeria in 1963 as an agency of American Life Insurance Company (ALICO) —a subsidiary of American International Group (AIG) at that time.

    The company was incorporated, registered and licensed in Nigeria as American Life Insurance Company Limited as a wholly owned subsidiary of ALICO/AIG in 1970 to offer Life and Pension products and Insurance services.

    It was later renamed American International Insurance Company Limited (AIICO) upon the acquisition of a 60 per cent stake by the Federal Government, and later listed on the Nigeria Stock Exchange (NSE) in 1990, after which both shareholders divested.

    Following the consolidation of the insurance industry in 2007, the company acquired NFI Insurance Plc. and Lamda Insurance Company Limited (both cumulatively accounting for less than 30 per cent of AI ICO’s pre-acquisition gross premiums). The company, subsequently, recertified as both General Insurance and Life Assurance Company, taking advantage of its legacy, brand, franchise and strong retail distribution network to grow a leading General Insurance business.

    To take advantage of the opportunities presented by the Pension Reform Act of 2004, AIICO Pension Managers Limited (APML) was incorporated in February 2005 and licensed in April 2006 as a Pension Fund Administrator (PFA) by the National Pension Commission (PenCom), and commenced operations in May 2006. AIICO also owns valuable financial and strategic assets including a controlling stake in AIICO Multishield Limited and a 19 per cent stake in Healthcare International Limited, both Healthcare Management Organisations (HMOs), and AIICO Capital Limited, an asset management wholly-owned subsdiary.

  • AIICO resumes annuity business

    AIICO resumes annuity business

    AIICO Insurance Plc has resumed the writing of National Pension Commission -(PenCom) regulated annuity business have sealed a deal with First Pension Custodian (PFC) and cleared by the pension regulator to recommence the sale of the product nationwide.

    The Head of Retail, Sola Ajayi, at a press conference in Lagos, said they were open for business nationwide. Ajayi said they had already started booking new annuity sales from all Pension Fund Administrators (PFAs).

    He said AIICO is one of the pioneers of annuity in Nigeria having started the sales since 2013. He said: “The business has over 7,500 annuitants who are being paid their monthly annuities. The AIICO Annuity product is designed to pay customers for the entire duration of their life, no matter how long they live. We are committed to the eradication of old age poverty in Nigeria, one person at a time.

    “The company is now poised to offer excellent and robust services to all annuitants, through state-of-the-art information communications technology and well trained workforce. AIICO Insurance is one of the pioneers of annuity in Nigeria having started Annuity sales since 2013.

    “AIICO Insurance asset backing annuity liabilities is in excess of N30 billion, which is a testament to AIICO’s commitment to ensure that all future commitment will be met as at when due.”

     

  • AIICO returns N1.5b pension legacy fund to PTAD

    AIICO Insurance Plc has  transferred the ownership of fixed assets, private equity holdings and cash of pensioners under the old pension scheme, Defined Benefit Scheme (DBS) to Pension Transitional Arrangement Directorate (PTAD).

    PTAD Executive Secretary, Sharon Ikeazor who spoke with reporters at the formal handing over of landed properties, fixed private  holdings and cash at AIICO headquarters in Lagos, added that the Directorate had issued demand notices to 15 insurers to return pension legacy funds as required by the  Pension Reform Act (PRA) 2014.

    She said only five firms  have complied with the notices.

    The listed the firms to include Leadway Assurance Limited, Custodian Life Assurance Limited, LASACO Assurance Plc, African Alliance Insurance and NICON Insurance.

    She said the delay by the remaining nine firms has unnecessarily delayed the settlement of the huge pension liabilities inherited by PTAD and urged others to comply.

    According her, the PRA 2014 vested all DBS pension assets, funds and liabilities in PTAD.

     

     

     

  • AIICO partners AutoGenius on ‘Taxify Cover’

    AutoGenius, one of Nigeria’s first digital insurance platforms, has unveiled an insurance policy tagged ‘Taxify Cover’ designed to increase driver and rider safety as well as improve the confidence of their user base.

    Taxify Cover, launched with AIICO Insurance Plc, is a comprehensive motor insurance. It is a special motor insurance product (bundled products) that is customised to provide all the benefits of a comprehensive motor insurance with extended passengers’ liability, loss of personal effects and personal accident covers with a single premium.

    General Manager, Non-Life Business, AIICO, Adewale Kadiri, said the policy is a special Comprehensive Motor Insurance product customised to provide all the benefits of a comprehensive motor insurance with extended passengers’ liability, loss of personal effects and personal accident covers with a single premium.

    He explained that AIICO would provide the underwriting service while AutoGenius will provide the channel and technological platform for the distribution of the product.

    ‘’We are indeed optimistic that this initiative will further expand the insurance market in Nigeria and increase market penetration.

    He said: “The features of this product, among others, are the provision of compensation for accidental damage, third party bodily injury/property damage, theft and fire damage to the vehicle, death/disability/assault to the driver and rider, passengers’ liability and loss of personal effects for the driver and the rider’.’