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ONE of the leading underwriters in Nigeria, AIICO Insurance PLC, has organized a one-day capacity-building training workshop for members of the National Association of Insurance and Pension Correspondents (NAIPCO).

The training workshop which took place today in Lagos with the theme “Financial Understanding And Analysis” is aimed at building the journalists’ capacity and broadening their knowledge in the industry’s financial reporting.

This is the second time AIICO will sponsor a training workshop for NAIPCO members. The first time was in November 2020.

Addressing NAIPCO members, the Managing Director and Chief Executive Officer of AIICO Insurance Plc, Mr. Babatunde Fajemirokun, who was represented at the event by Head, Strategic Marketing and Communications Department, Segun Olalandu, restated the firm’s commitment in ensuring a deliberate and sustained collaborative partnership with members of NAIPCO to build their capacity for enhanced performance.

He said the company is passionate about NAIPCO and their critical roles in the growth of the industry, adding that “we are committed to working with you to achieve your objectives as highlighted to us in your proposal.”

“We are always passionate about NAIPCO. Whenever issues are raised about NAIPCO, we always think of how to work together because of your critical role as a purveyor of information.”

The AIICO MD/CEO who commended the efforts of NAIPCO in creating awareness and educating the public on the benefits and advantages of insurance as a risk-mitigating mechanism and a tool for poverty alleviation and wealth creation also stressed the prime place of the Media in nation-building.

While describing NAIPCO as a “very important association and strategic” for the nation’s insurance industry, he assured the Association of his company’s continued supports.

Mr. Fajemirokun implored the journalists to redouble their efforts and remain committed to their professional ethics and conduct in order to take the industry to the next level.

Earlier in his opening remarks, the President of NAIPCO and Publisher of Inspen Online, Chuks Udo Okonta, commended AIICO for their support and pledged the Association’s commitment to work with AIICO for actualization of its corporate objectives.

“We are here today because of you. We will never take this for granted. We will ensure that knowledge gained in this training today is used for the growth of the industry. We are indeed grateful.

Meanwhile, AIICO Insurance Plc in its earnings forecast for the third quarter ending 30 September 2021, projected a N53.82 billion gross written premium (GWP ) representing 75% of the 2021 full-year projection for the third quarter of 2021. Profit after tax is projected to be N3.052 billion.

According to a filing at the Nigerian Exchange, the Non-Life business represents 28% of the stated GWP while the Ordinary Life, Group Life and Annuity businesses represent 60%, 10% and 2% respectively.

Investment income will be driven largely by our bond investments and our investment in other short term financial assets.

AIICO commenced operations in Nigeria in 1963 as an Agency office of American Life Insurance Company (“ALICO”) – at the time, a subsidiary of American International Group (“AIG”).

The Company was incorporated, registered and licensed in Nigeria as American Life Insurance Company Limited – as a wholly-owned subsidiary of ALICO/AIG – in 1970 – to offer Life and insurance services. The Company was renamed American International Insurance Company Limited (“AIICO”) upon the acquisition of a 60% stake by the Federal Government of Nigeria and later listed on the Nigerian Stock Exchange in 1990, after which both shareholders – the Federal Government of Nigeria and AIG divested.

Life and general insurance are strategic business divisions within AIICO.

AIICO is the market leader in Retail Life insurance and retirement services and is a market leader (top 3) in Non-Life insurance in Nigeria. The core insurance franchise is complemented by our leading insurance asset management and health management businesses.

AIICO also owns valuable financial and strategic assets including a controlling stake in Multishield Limited, and a 19% stake in Healthcare International Limited (both healthcare management organizations (“HMOs”)), and AIICO Capital Limited (an asset management wholly-owned subsidiary).


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