{"id":24345,"date":"2020-08-03T16:11:16","date_gmt":"2020-08-03T15:11:16","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=24345"},"modified":"2020-08-03T16:11:16","modified_gmt":"2020-08-03T15:11:16","slug":"aiico-posts-n31-9bn-premium","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/aiico-posts-n31-9bn-premium\/","title":{"rendered":"AIICO posts N31.9bn premium"},"content":{"rendered":"\n<p><strong>By Tanko Mohammed&nbsp;<\/strong><\/p>\n\n\n<p>AIICO Insurance posted Gross Written Premium (GWP) of \u20a631.9 billion as at June 2020, which signifies a 26 per cent increase, compared to N25.4 billion recorded in comparative period of 2019.&nbsp;<\/p>\n\n\n<p>A statement made available by the firm in Lagos on Monday said that the growth was driven by sustained positive performance across the major lines of business of the Group.&nbsp;<\/p>\n\n\n<p>It said that the group\u2019s shareholders\u2019 funds increased by 9.39 per cent from N27.9 billion in 2019 to N30.5 billion.&nbsp;<\/p>\n\n\n<p>According to the statement, the growth is driven by the group\u2019s earnings for the period and its strong matching of long-term asset and liabilities, despite volatile yields along the yield curve.&nbsp;<\/p>\n\n\n<p>\u201cHowever, the group\u2019s Profit Before Tax (PBT) reduced by 28 per cent to N2.17 billion, compared to N3.01 billion in the second quarter of 2019.&nbsp;<\/p>\n\n\n<p>\u201cThe reduction was as a result of changes in product mix in the Retail Life business, due to changes in clients\u2019 preferences.&nbsp;<\/p>\n\n\n<p>\u201cThese product preferences were, however, impacted by the lower interest yield environment \u2013 leading to a 71 per cent increase in the proportion of premiums that had to be transferred to life funds (shown as change in life fund), \u201d it said.&nbsp;<\/p>\n\n\n<p>Commenting, Mr Babatunde Fajemirokun, Managing Director and Chief Executive Officer (CEO) AIICO, said that other factors besides the company\u2019s operational resilience and strategic marketing within the period contributed to the successes recorded.&nbsp;<\/p>\n\n\n<p>Fajemirokun mentioned its brand equity, advanced level of automation and business continuity plans as factors that enabled the company to quickly adjust its business model to meet the emerging demands of the low touch economy, triggered by the global pandemic.&nbsp;<\/p>\n\n\n<p>\u201cThe strong committed relationship we have built with our customers continue to endear them to us for repeat business, new businesses and referrals,\u201d he said.&nbsp;<\/p>\n\n\n<p>According to him, as the local and global economies gradually recover from the impact of the pandemic, the firm will seize opportunities for continuous growth.&nbsp;<\/p>\n\n\n<p>The managing director noted that the response strategy included product innovation, technology-enabled operation and distribution models, coupled with unparalleled customer experience.&nbsp;<\/p>\n\n\n<p>\u201cWe remain optimistic that the second half of 2020 will be better.&nbsp;<\/p>\n\n\n<p>\u201cAIICO\u2019s profitable outcomes, amid general uncertainties, challenging macro-economic and highly competitive business environment, is a clear indication that it remains an insurer of choice and is well positioned for long-term market leadership, \u201d he said.&nbsp;<\/p>\n\n\n<p>AIICO Insurance is a leading composite insurer in Nigeria, with a track record of serving its clients for over 50 years.&nbsp;<\/p>\n\n\n<p>Founded in 1963, AIICO provides life and health insurance, general insurance and investment management services, as a means to create and protect wealth for individuals, families and corporate customers.&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Tanko Mohammed&nbsp; AIICO Insurance posted Gross Written Premium (GWP) of \u20a631.9 billion as at June 2020, which signifies a 26 per cent increase, compared to N25.4 billion recorded in comparative period of 2019.&nbsp; A statement made available by the firm in Lagos on Monday said that the growth was driven by sustained positive performance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[],"class_list":["post-24345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - 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