Monday, May 20, 2024
spot_img
HomeInsuranceAiico Insurance pushes premium income to N62bn

Aiico Insurance pushes premium income to N62bn

AIICO Insurance Plc, one of the frontline underwriting firms in the country said that it has recorded a Gross Premium  of N62 billion for its financial year ended 31 December 2020.

This, the company said represents a 24 per cent growth when compared with N50.138 billion recorded in 2019.

The company also improved its profit for the year by 17% to N6.707 billion from N5.719 billion in 2019.

Recall that AIICO recently secured the approval of its esteemed Shareholders to increase its authorized share capital from N18bn to N20bn.

The approval was given to the firm at its 50th Annual General Meeting.

In the same vein, the Shareholders also gave their nod for the declaration of 1 bonus share for every eight (8) ordinary shares held by existing Shareholders of the Company as at December 28, 2020 payable from retained earnings and 1 bonus share for every five (5) ordinary shares held by existing Shareholders of the Company as at December 28, 2020 payable from share premium.

The Chairman, Mr. Kundan Sainani, expressed his gratitude for the immense support the Company has received from its Shareholders. He assured them of the Board’s commitment to continue to steer the affairs of the Company on the path of continuous and sustainable progress, irrespective of daunting macro-economic challenges.

The Managing Director and Chief Executive Officer, Mr. Babatunde Fajemirokun, at the meeting also shed some light on the satisfactory progress the Company has made in its recapitalization journey, having surpassed the December 2020 expectations of the Regulator

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -spot_img

Most Popular

Recent Comments