AIICO sustained its positive topline momentum in Q1 2023 with a 24.65 YoY growth in Insurance Revenue (formerly Gross Premium Income) to NGN14.75 bn. The expansion in income from core insurance business was propelled by the increase experienced across all its business segments with the life business remaining its major cash cow (51.44% contribution to topline).
CUSTODIAN ’s gross revenue improved markedly by 19.11 to NGN27.85 bn (vs NGN 23.38 in Q1 2022). As always, expansion in premium income (19.15%) from the insurance business drove the growth witnessed in topline accounting for 73.70% of total revenue. While the firm recorded increase in claims (18.72%) and underwriting (17.88%) expenses, underwriting profit improved (from a loss of NGN1.69 bn in Q1 2022 to a profit of NGN 5.03 bn in Q1 2023) as a result of the lower valuations for life and annuity fund (NGN1.22 bn in Q1 2023 vs NGN 6.69bn in Q1 2022).
NEM Insurance Plc (NEM) surpassed expectations in its Q1 2023 financial scorecard as its Gross Premium Written GPW) expanded by 56.71 to NGN19.92bn (vs NGN12.71bn in Q1 2022). While the growth was broad based across all its business lines, remarkable expansion of its motor insurance business (+71.83% YoY) and the Fire business (+56.31% YoY) were major catalyst of top-line.
