AIICO Insurance Plc: Notice of Board Meeting.

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 projects a loss after tax of N1.4 billion in Q4 2021.

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.

2021 Half Year Results: AIICO Insurance records a 14% increase in profit to N3.25 billion

AIICO Insurance Plc released its unaudited financial results for the period ended June 30, 2021.

  • Gross premium written was N37.48 billion. (+17% YoY)
  • Net premium income of N29.17 billion. (+21% YoY)
  • Net claim expenses of N20.94 billion (+45% YoY)
  • Profit for the period was N3.25 billion.(+14% YoY)
  • Earnings per share of 6 kobo Vs 40 kobo YoY.
  • Total shareholders fund for the period was N35.83 billion.

See link to results.

FCMB Pensions Limited acquires 60% stake in AIICO Pensions.

FCMB Pensions Limited, a subsidiary of FCMB Group Pc, has announced the acquisition of a 60% stake in AIICO Pension Managers Limited (‘’AIICO Pensions’’).

This is according to a notice issued by the FCMB Group and made available on the website of the Nigerian Exchange Group Limited (NGX), as seen by Nairametrics.

The breakdown of the acquisition shows that FCMB pensions acquired a 33.9% stake held by AIICO Insurance Plc and 26.1% stake held by other shareholders in AIICO Pensions.

Back story:

On 25th of June 2020, FCMB Pension Limited announced that it is in talks with AIICO Pensions to acquire a total of 96.3% stake in the latter.  The deal was confirmed by both firms in two separate disclosures filed with the defunct Nigerian Stock Exchange (now known as the Nigerian Exchange Limited).

According to the template of the initial deal, FCMB Pensions proposed to acquire 70% stakes held by AIICO Insurance Plc and 26% stake held by other stakeholders in AIICO Pensions.

In a bid to facilitate the deal, the parties sought for prerequisite regulatory approvals, particularly from the Federal Competition and Consumer Protection Commission as well as the National Pension Commission.

Having obtained regulatory approvals, the acquired stake was reduced from the initial 96.3% so as to comply with the transaction structure approved by regulators.

What this deal means

According to the notice, the goal of the recent acquisition is to combine the businesses of FCMB Pensions and AIICO Pensions so as to build a stronger and more resilient business. By the virtue of the deal, AIICO Pensions will now be an indirect subsidiary of FCMB Group Plc.


FCMB Pensions Limited (formerly Legacy Pension Managers Limited) is a private limited liability company incorporated on 7th of April 2005. It is duly licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA) as defined under the Pension Reform Act, 2014. FCMB Pensions is a subsidiary of FCMB Group Plc.

AIICO Insurance Plc projects N1.28 billion profit after tax for Q2 2021.

AIICO Insurance Plc has released its earnings forecasts for the second quarter of 2021.

  • Net Premium Income is projected at N27.8 billion.
  • Net claims is projected at N19.35 billion.
  • Total underwriting costs is projected at N29.3 billion.
  • An underwriting loss of N767.11 million is projected for the period under review.
  • Profit before tax is projected at N1.3 billion.
  • Profit after tax is projected at N1.28 billion.

See link to forecasts.

2020 FY Results: AIICO Insurance Plc reports a 20% increase in profit for the year.

AIICO Insurance Plc released its full-year results for the year ended December 2020.

  • Net Premium Income of N52.79 billion. (+21% YoY)
  • Net claims incurred was N31.66 billion. (+25% YoY)
  • The Company reported an Underwriting loss of N35.44 billion.
  • Profit before tax was N6.27 billion. (+5% YoY)
  • Earnings per share 43 kobo vs 83 kobo. (-48% YoY)
  • The shareholders’ fund of the company was N35.25 billion (+27% YoY)

See link to results