AIICO Insurance Plc has posted a N5.2 billion profit for the first quarter of the year 2022, a whopping 441% increase from the N0.96 billion it reported same period last year.
A cursory analysis of the data shows that the significant profit recorded is on the back of the impressive performance on investment and other income, as the company rallied from a negative record in the first quarter of last year to a positive record this year.
The profit record is despite the presence of double-digit inflation as the company increased its other expenses by over 100% during the period.
Key highlight of the report
- AIICO Insurance saw its Gross premium written valued at N25 billion in the first quarter of 2022. The amount is 25% high compared to the N20 billion in the same period last year while its gross premium income also recorded an increase of 17% to N20 billion from N17 billion in the first quarter of last year.
- Net premium income for the period of study was valued at N17 billion in the first quarter of 2022, a 19% increase from N14 billion in the early months of last year.
- Claims expenses was almost at per with last year’s, with just a slight 1% increase to N11 billion from N10.98 billion as the year 2022 continues to be a recovery year for the insurer.
- Meanwhile, the company sustained an underwriting loss of N0.287 as against the profit of N27.7 billion in the first quarter of 2022.
- Investment and other loss income stood at N4.6 million in first months of the year, signalling a 119% rebound from the N23 billion loss last year.
- Other expenses rose by 105% to close at N5.8 billion in the first quarter of 2022 from N2.8 billion.
- The company’s financial assets was valued at N171 billion as of 31st March 2022.
AIICO Insurance last traded at N0.7 and market capitalization valued N25.6 billion as of 27th of April 2022.
Its earning per share for the first quarter of the year is N13 compared to N10 in the first quarter of last year.