In 9M:2022, AIICO’s Gross Premium Written (GPW) advanced by 27.12% YoY to NGN69.50bn. The growth was broad-based as all segments of the business expanded with the life segment accounting for a major part of the growth.
The firm reported strong growth in top-line (+15.84% YoY to NGN75.53bn) largely driven by expansion in premium income from core insurance business which improved 11.76% YoY to NGN56.86bn . However, increase in underwriting expenses (+7.19% YoY), claims (+33.62% YoY) expenses and provisions for the life and annuity business dragged the firm’s underwriting profitability down to NGN3.63bn (vs. NGN19.50bn in 9M:2021).
