Aiico Insurance suffers half year loss

Edwin Igbiti, former GMD AIICO Insurance Plc

Henry Ojelu

Edwin Igbiti, GMD AIICO Insurance Plc
Edwin Igbiti, GMD AIICO Insurance Plc

Aiico Insurance Plc has suffered a half year loss in profit by 22.60 per cent due to what the management attributed to rising operating costs.

For the first six months of the year, Aiico’s net income plummeted by 22.37 per cent to N1.13 billion from N1.46 billion the same period of the corresponding period (HY) 2013.

Earnings per share (EPS) reduced to 16.43k in HY 2013 from 22.35k as of HY 2013.

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The not too palatable performance with its underwriting profits also went down by 39.85 per cent to N1.93 billion from N3.21 billion in the preceding year.

Total underwriting expenses increased by 21.92 per cent to N9.73 billion in HY 2014, compared with N7.98 billion as of HY 2013, while management expenses surged by 35.98 per cent to N1.62 billion.

There were however growth at the top-line level as gross premium income moved by 9.83 per cent to N12.95 billion as against N11.79 billion last year, while net premium income jumped by 7.32 per cent to N10.28 billion.

The company’s share price closed at N0.81 – August 18, 2014, on the floor of the Nigerian Stock Exchange, while market capitalisation was N7.21 billion.

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