AIICO Insurance Plc has reported a 12 per cent growth in its gross written premium for the first quarter of 2025, reaching N54.81bn, up from N49.08bn in the same period of 2024.
In its unaudited consolidated financial statement for the period ended March 31, 2025, the company’s impressive performance was driven by an increase in insurance revenue, which surged by 45 per cent to N32.81bn, compared to N22.67bn in Q1 2024.
The company’s net income from insurance service results showed a remarkable growth of 3,237 per cent, rising to N4.07bn from N121.88m in Q1 2024. This was primarily due to a sharp increase in insurance revenue and the improvement in its claims experience.
Despite the positive revenue growth, AIICO reported a significant 83 per cent rise in its reinsurance contract expenses, which reached N8.79bn, compared to N4.79bn in the same quarter of 2024. This increase was attributed to higher cessions to reinsurers.
On the investment front, AIICO recorded a 68 per cent rise in net investment income before fair value changes, reaching N12.92bn, up from N7.67bn in Q1 2024. However, the company experienced a fair value loss of N21.47m, which represented a slight improvement from the N18.56bn loss recorded in the same quarter last year.
Other income surged by 136 per cent to N614.35m, compared to N259.90m in the prior year, while total expenses rose by 549 per cent to N3.54bn, up from N545.55m in Q1 2024.
These factors contributed to a 39 per cent decrease in total comprehensive income, which stood at N4.87bn, compared to N7.98bn in the previous year.
On the balance sheet, AIICO’s total assets grew by 6 per cent, reaching N439.72bn, up from N416.38bn as of December 2024. Cash and cash equivalents dropped by 49 per cent, standing at N17.79bn, compared to N35.16bn at the end of 2024, while financial assets rose by 10 per cent, amounting to N375.10bn.
The company’s total liabilities increased by five per cent, reaching N367.13bn as of 31 March 2025, up from N348.67bn in December 2024.
The PUNCH reported that AIICO Insurance Plc has posted a profit after tax of N13.6bn for the financial period, representing a 12 per cent increase from the N12.1bn recorded in the previous year.
