Prime Business Africa
The first half (H1) of 2026 ended with AIICO Insurance recording N104.71 billion in gross written premium, exceeding the N102.68 billion reported in H1 2025, indicating an increase of 2 percent.
AIICO announced the increase in its unaudited consolidated and separate financial statements for the period ended June 30, 2026.
Join our WhatsApp ChannelAccording to the insurance company, insurance revenue grew twofold or 15 percent to N74.93 billion during the period under review, surpassing the N65.42 billion generated in the first half of last year.
Insurance service expense outgrew turnover, rising by 23 percent, as AIICO incurred N49.74 billion in expenses between January and June 2026, compared to the N40.43 billion expended in the same period in H1 2025.
Also, insurance service result from insurance contracts issued increased by 1 percent to N25.18 billion in H1 of this year, above the N24.98 billion recorded in the first half of the previous year.
However, net expenses from reinsurance contracts declined to N17.05 billion in the first half of 2026, below the N17.60 billion incurred in H1 2025, representing a 3 percent decrease.
This held the company to squeeze out 10 percent growth in insurance service result, which grew to N8.12 billion between January and June of this year, exceeding the N7.38 billion posted in the previous year’s H1.
While the company managed to raise its revenue from core business, Prime Business Africa (PBA) noted that AIICO was unable to curb an increase in losses from non-core businesses.
A breakdown of other earning sources showed that AIICO suffered N337.92 million net loss from investment contracts in H1 2026, up by 56 percent when compared to the N216.10 million loss recorded in H1 2025.
The company saw a significant increase in net foreign exchange loss, which grew by 1,191 percent, from N138.85 million posted in the first half of 2025 to N1.79 billion in the same period this year.
However, net insurance and reinsurance finance expenses decreased by 52 percent to N10 billion during the period under review, compared to the N20.74 billion recorded in H1 2025.
As a result, net insurance and investment result climbed to N25.73 billion in H1 2026, rising above the N18.75 billion reported in the first six months of the year before, representing a 37 percent increase.
In addition, other income grew by 76 percent year-on-year, from N1.10 billion to N1.95 billion, while other expenses increased by 71 percent to N12.63 billion, from N7.38 billion.
Also, profit before tax (PBT) surged by 21 percent to N15.05 billion during the period under review, compared to the N12.48 billion recorded in H1 2025.
AIICO said income tax gulped N1.65 billion of the pretax profit in the first half of this year, surpassing the N1.21 billion filed as tax expenses in the same period last year.
With tax expenses rising by 36 percent, AIICO was left with profit after tax (PAT) of N13.40 billion in the first six months of this year, up by 19 percent when compared to the N11.26 billion recorded between January and June 2025.
For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]
Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
