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AIICO Records N129.98bn Gross Premium

November 21, 2025
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How AIICO Insurance Prevented N2.81bn FX Loss From Hurting Bottom Line

AIICO has revealed that the company recorded a gross written premium of N151.85 billion between January and September 2025, compared to the N129.98 billion reported in the corresponding period in 2024.

The 17 percent increase in gross written premium was disclosed in the company’s unaudited consolidated and separate financial statements for the period ended September 2025.

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In the financial report, AIICO said insurance revenue increased by 29 percent to N98.29 billion in the first half of 2025, from N76.08 billion recorded between the first quarter (Q1) and the third quarter (Q3) of last year.

Also, insurance service expense rose to N65.53 billion during the period under review, above the N62.72 billion recorded between Q1 and Q2 of 2024, indicating a decrease of 4.2 percent.

Similarly, AIICO’s insurance service result from insurance contracts issued increased by 59.24 percent year-on-year, from N13.35 billion to N32.75 billion.

The insurer also reported N7.85 billion insurance service result for the period ended September 2025, compared to the insurance service loss of N2.92 billion recorded during the same period last year.

AIICO also recorded a N275.38 million loss from investment contracts between Q1 and Q2 of this year, compared to the N349.34 million gain from investment contracts reported in the corresponding period in 2024.

The company also suffered N1,31 billion net foreign exchange loss in the first nine months of this year, failing to replicate the N13.15 billion net foreign exchange gain recorded in the same period the previous year.

Also, net insurance/reinsurance finance expenses increased by 25.3 percent year-on-year, from N12.45 billion to N44.01 billion, and the insurer’s net insurance and investment result grew by 4 percent, from N13.80 billion to N14.38 billion.

The financial statement also revealed that AIICO’s profit before income tax increased by 7 percent to N14.54 billion between January and September 2025, above the N13.63 billion reported in the same period last year.

AIICO also said income tax expense increased to N1.45 billion in the first nine months of 2025, compared to the N1,36 billion paid in the previous year, representing an increase of 7 percent.

The insurer’s profit after tax closed the period under review with N13.08 billion, up by 7 percent compared to the N12.27 billion reached between Q1 and Q3 2024.

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