AIICO Insurance Plc has reported gross written premiums of ?17.6bn, up 23% from the same period in 2019 which was N14.3bn.
The growth, according to the company, is driven by sustained positive performance across the major lines of business of the group: retail and corporate and institutional businesses.
The group also recorded a 24 per cent increase in profit before tax (PBT) of N1.44 billion, compared to N1.17bn in Q1 2019.
Profit after tax (PAT) also grew by 129 per cent to N1.88 billion, compared to N0.82 billion attained in Q1 2019.
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The company's Managing Director, Mr. Babatunde Fajemirokun, stated that 'excellent first quarter results' reported demonstrated the overall strength of the company and its ability to continue to meet obligations to stakeholders even in the face of the COVID-19 global pandemic.
He said strong growth was recorded in the retail life business, which grew by 34% to N10.97bn (Q1 2019: N8.2bn); and an increase of 6% in corporate and institutional business to N6.2bn (Q1 2019: N5.9bn).
Within the period under review, the group's balance sheet improved with total assets growing by 11% to N176 billion compared to N159 billion in Dec 2019. Shareholders' funds, also rose by 0.28% to N27.99 billion (Dec 2019: N27.91 billion).
© Pakistan Press International, source Asianet-Pakistan