EARNINGS FORECAST FOR THE 6 MONTHS ENDING 30 JUNE 2024
NOTES
This is prepared using IFRS 17, the new insurance reporting format. The Company transitioned to IFRS 17, effective 1 January 2023.
Gross Written Premium projected for Q2 2024 is N66.1 billion. Insurance revenue for the period is N40.3 billion
The Non-Life business represents 33.4% of the stated GWP while the Ordinary Life, Group Life and Annuity businesses represent 42.1%, 9.4% and 15.1% respectively.
Investment income will be driven largely by our bond investments and our investment in other financial assets.
The following non cash transactions were included in the Statement of Profit or Loss and Other comprehensive income:
Depreciation of Non-current asset in line with the Group's policy
Amortization of intangible assets
Net fair value gain/loss on financial assets.
5. The difference in other expenses is due to the omission of attributable overheads in insurance service expense in 2023. This results in insurance service expense for 2023 being understated and other expenses being overstated. Under IFRS 17, overheads which are directly attributable to insurance service are classified under insurance service expenses. Non-attributable expenses are classified as "other expenses".
PERIOD: 6 MONTHS
FROM JANUARY 1, 2024
TO JUNE 30, 2024
Gross Written Premium
Insurance Revenue
Insurance Service Expense
Net Expenses from Reinsurance Contracts
Insurance Service result
Investment income
Profit from deposit administration
Net fair value (losses)/gains
Other operating income
Net investment income
Net Finance income/(expense) from Insurance Contracts Net Finance Income from Reinsurance Contracts
Net insurance finance income/(expenses)
Net insurance and investment result
Other Expenses
Profit before income tax from continuing operations
Income tax expense
Profit after tax from continuing operations
Profit from discontinued operations
Profit After Discontinued Operations
AIICO INSURANCE PLC- CASHFLOW FORECAST FOR THE 6 MONTHS ENDING 30 JUNE 2024
PERIOD: 6 MONTHS
FROM JANUARY 1, 2024
TO JUNE 30, 2024
Net cash flows from operating activities
Net cash flows from investing activities
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents - Opening
Cash and cash equivalents - Closing
IFRS 17
Jun-24
N'000
66,137,793
40,343,984
(32,942,229)
(5,631,275)
1,770,480
13,625,568
2,995,498
16,621,067
(11,201,933)
(11,201,933)
7,189,614
(847,032)
6,342,582
(146,487)
6,196,095
6,196,095
Jun-24
N'000
11,536,704
(11,405,424)
(1,637,334)
(1,506,054)
9,386,459
7,880,405
Babatunde Fajemirokun (MD)
Date: 10 March 2024
Bisola Elias
Date: 10 March 2024
"AIICO Insurance Plc has a dedicated investors' portal on its corporate website which can be accessed via this link: https://www.aiicoplc.com/index.php/about-us-aiico/investorrelations. The Company's Investors' Relations
Officer can also be reached through electronic mail at: ir@aiicoplc.com ; or telephone on: +234 (0)809 229 9108 for any investment related enquiry".
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Disclaimer
AIICO Insurance plc published this content on
08 March 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
08 March 2024 13:45:01 UTC.
AIICO Insurance Plc is the Nigerian leading life insurance group. Gross written premium breaks down by activity as follows:
- life insurance (74.3%). The group also develops pension insurace activity;
- non-life insurance (24.3%): primarily motor, home, commercial and damage insurances;
- health insurance (1.4%).
All gross written premium are in Nigeria.
AIICO INSURANCE PLC 
