Tag: AIICO Insurance Plc

The Board of AIICO Insurance Plc has announced that it will be hosting its 51st Annual General Meeting on the 30th of November, 2021. The meeting will be virtually held at Lagos Marriot Hotel, Ikeja, Lagos by 12:00 pm prompt.

This is according to a statement issued by the company and made available on the website of the Nigerian Exchange Limited (NGX).

Some of the issues to be discussed at the AGM include;

• Of special interest to the board is the allocation of bonus shares of 20,917,299,938 ordinary shares of 50k each to qualified members whose names appear in the Register of members at the close of business on the 23rd of November, 2021.The bonus shares worth about N10.46 billion will be distributed in the proportion of 12 shares for every 9 shares already held by such member on that date.

• In addition, the audited financial statement of the firm for the year ended December 31, 2020, as well as the report of its Directors, auditor, and the audit committee will be considered.
• Board appointments will also be considered and ratified.
• Managers and Directors remuneration for FY 2021 will be considered.
• To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Additionally, the AGM will be streamed live online, to enable shareholders and other relevant stakeholders who will not be attending the meeting physically to also be part of the proceedings. The link for the live streaming will be made available on the company’s website: www.aiicoplc.com.

For more information about the AGM, click HERE.

AIICO Insurance Plc has declared that 12 bonus shares will be issued for every 9 ordinary shares held by existing shareholders for the financial period ended September 30, 2021.

According to a notice filed with the Nigerian Exchange Limited (NGX) and signed by the company’s secretary, Donald Kanu, 8 of the bonus shares will be issued from the share premium account, while the remaining 4 bonus shares will be issued from the retained earnings.

The notice further stated that these bonus shares are being issued to enable the company to meet up with the new minimum capital requirement as directed by the National Insurance Commission (NAICOM).

In order to facilitate the process, the Register of Shareholders will be closed from Wednesday, 24th of November to Monday, 29th of November, 2021.

Shareholders are urged to ensure that their names appear on the Company’s Register of Members as at the aforementioned date and shareholders who are yet to complete the e-dividend registration are advised to download the form on the Registrar’s website, complete the form and submit it to the Registrar or their respective banks.

Furthermore, shareholders with dividend that have remained unclaimed or are yet to be presented for payment have been advised to contact the registrar.

What you should know

AIICO Insurance Plc has reported a 15.84% growth in its Gross premium written to N54.67 billion for the 2021 Q3 Period. Similarly, Underwriting Profit appreciated by 233% to N29.74 billion. During the period, earnings per share (EPS) declined to 15 kobo, decreasing by 66.67% YoY.

AIICO Insurance Plc has announced that its Board of Directors will meet on Thursday, 21st of October 2021, to review and approve cogent issues affecting the company.

This is according to a notice signed by the company’s secretary, Donald Kanu, and sent to the Nigerian Exchange Group Limited (NGX).

According to the notice, the meeting will enable the Board Directors to review and approve the company’s unaudited financial statement for the nine months period ending 30th of September, 2021.

In addition, the Board will seize the opportunity to fix a date for its 2020 (51st) Annual General Meeting of the Company. Consequently, decisions reached at the meeting will be duly communicated.

Finally, the firm also announced that it will commence its closed period from 1st of October, 2021 until 24 hours after the company’s unaudited financial statement and outcome of the board meeting have been made public in line with Rule 17:17 of the Closed Period, Rulebook of the Exchange, 2015 (Issuers’ Rule) as amended.

It is important to state that during the closed period, all insiders and their connected persons are strictly prohibited from transacting the shares of the company.

Here is a link to the notice.

AIICO Insurance Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

• Net premium income is expected to hit N59.62 billion during the period.
• Net claims projection of N41.95 billion.
• Underwriting profit is projected at N33.15 billion.
• Total operating income is projected at N8.41 billion.
• Tax is projected at N334.4 million.
• Loss after tax is projected at N1.42 billion.

See link to forecasts.

AIICO Insurance Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

• Net premium income was projected at N43.14 billion.
• Net claims projection of N29.9 billion.
• Underwriting profit was projected at N803.34 million.
• Operating income was projected at N9.5 billion
• Profit after tax was N3.05 billion.

See link to results.