AIICO Insurance

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  • Date of creation: 1963 in Lagos, Nigeria
  • Classes of business: Life and non-life
  • Local structures: 16 offices and three subsidiaries: AIICO Capital, AIICO Pension Managers and AIICO Multishield
  • Staff: 559 employees
AIICO Insurance

AIICO Insurance in 2020

Kundan Sainani
Babatunde Fajemirokun
Kundan Sainani
Chairman of the Board of Directors
Babatunde Fajemirokun
Managing Director and CEO
Share capital
38 840 000 USD
Group turnover
161 767 000 USD
Insurance turnover
160 041 000 USD
Assets
634 487 000 USD
Shareholder’s equity
90 460 000 USD
Net result
12 436 000 USD
Ratio sinistres à primes brut non vie
87.89%
Gross non-life loss ratio
19.17%
Gross non-life combined ratio
107.06%

Management

Kundan SainaniChairman of the Board of Directors
Babatunde FajemirokunManaging Director and CEO
Adewale KadriExecutive Director, Technical
Oladeji OluwatolaChief Financial Officer
Abiodun AdebanjoChief Risk Officer
Joseph OduniyiHead, Corporate Business
Wycliffe ObutuChief Actuary

Shareholding

ShareholdersParts
LeapFrog III Nigeria Insurance Holdings LTD
30.53%
DF Holdings Limited
16.34%
AIICO Bahamas Limited
11.98%
AIICO Investment Inc.
8.54%
Others
32.61%

AIICO Insurance: main technical highlights

Figures in thousands USD
Highlights20162017201820192020
Group turnover106 98674 42787 948137 379161 767
Gross written premiums85 89383 620101 386135 466160 041
Gross life written premiums61 15559 61572 929102 095123 501
Gross non-life written premiums24 73824 00528 45733 37136 540
Gross earned premiums95 89882 89499 850135 291156 701
Gross life earned premiums72 06760 08872 486102 020121 817
Gross non-life earned premiums23 83122 80627 36433 27134 884
Gross non-life incurred losses10 05611 46619 08820 82630 660
Non-life management expenses3 2663 1044 0755 9817 004
Gross non-life loss ratio (1)42.20%50.28%69.76%62.60%87.89%
Non-life management expenses ratio (2)13.20%12.93%14.32%17.92%19.17%
Gross non-life combined ratio (3)55.40%63.21%84.08%80.52%107.06%
Net result31 4674 0467 13614 13112 436

(1) Gross non-life loss ratio = gross non-life incurred losses / gross non-life eraned premiums
(2) Non-life management expenses ratio = non-life management expenses / gross non-life written premiums
(3) Gross non-life combined ratio = gross non-life loss ratio + gross non-life management expenses ratio

Exchange rate as at 31/12/2020 : 1 NGN = 0.00261 USD ; 31/12/2019 : 1 NGN = 0.00274 USD ; at 31/12/2018: 1 NGN = 0.00274 USD ; at 31/12/2017 : 1 NGN = 0.00275 USD ; at 31/12/2016 : 1 NGN = 0.00325 USD

AIICO Insurance : turnover breakdown per class of business

Figures in thousands USD
Class of business201620172018201920202020 shares
Accident *7 8906 7518 8929 4808 5345.33%
Fire4 8674 7424 9055 9167 6454.78%
Energy3 5153 6935 3196 1617 5494.72%
Motor5 2475 3755 6256 0736 3643.97%
Marine3 2193 4443 7105 4896 0753.80%
Agricultural risks--62523730.23%
Total non-life24 73824 00528 45733 37136 54022.83%
Individual life insurance41 55045 13557 77374 13095 06959.40%
Pensions and annuities12 8678 8617 17319 11914 8309.27%
Group life insurance6 7385 6197 9838 84613 6028.50%
Total life61 15559 61572 929102 095123 50177.17%
Grand total85 89383 620101 386135 466160 041100%

* Including workmen's compensation and personal accident

Breakdown of 2020 turnover per class of business

AIICO Insurance chiffre d affaires

AIICO Insurance : gross non-life earned premiums per class of business

Figures in thousands USD
Class of business201620172018201920202019-2020 evolution (1)
Accident (2)8 6116 4078 1959 5098 868-2.10%
Fire4 9544 3545 1395 4436 92733.60%
Energy3 6813 7054 6656 1277 44727.60%
Motor3 4324 9935 6835 8806 19110.53%
Marine3 1533 3473 6806 0715 131-11.27%
Agricultural risks--224132039.48%
Total non-life23 83122 80627 36433 27134 88410.07%

(1) Evolution in local currency
(2) Including workmen's compensation and personal accident

AIICO Insurance : gross non-life incurred losses per class of business

Figures in thousands USD
 201620172018201920202019-2020 evolution (1)
Accident (2)2 4272 8145 3664 6583 573-19.47%
Fire5 3993 2164 9958 90918 044112.62%
Energy-1 5515484 4442 9665 04978.75%
Motor2 5772 7702 8792 4122 85924.45%
Marine1 2042 1181 4041 838732-58.20%
Agricultural risks---43403875.36%
Total non-life10 05611 46619 08820 82630 66054.56%

(1) Evolution in local currency
(2) Including workmen's compensation and personal accident

AIICO Insurance : non-life management expenses per class of business

Figures in thousands USD
 201620172018201920202019-2020 evolution (1)
Accident (2)1 4061 2281 5812 2482 2223.74%
Fire7476688149091 26445.99%
Energy861364581 2111 70247.53%
Motor510521653728691-0.32%
Marine5175515688371 04330.89%
Agricultural risks--1488280.26%
Total non-life3 2663 1044 0755 9817 00422.95%

(1) Evolution in local currency
(2) Including workmen's compensation and personal accident

AIICO Insurance : gross non-life loss ratio per class of business

Figures in thousands USD
 20162017201820192020
Accident (1)28.19%43.93%65.48%48.98%40.29%
Fire108.98%73.85%97.19%163.68%260.49%
Energy-42.13%14.78%95.26%48.40%67.81%
Motor75.07%55.48%50.67%41.01%46.17%
Marine38.19%63.28%38.16%30.28%14.27%
Agricultural risks---18.00%125.87%
Total non-life42.20%50.28%69.76%62.60%87.89%

(1) Including workmen's compensation and personal accident

AIICO Insurance : non-life management expenses ratio per class of business

 20162017201820192020
Accident (1)17.82%18.18%17.78%23.72%26.03%
Fire15.36%14.08%16.59%15.37%16.54%
Energy2.44%3.69%8.61%19.65%22.54%
Motor9.71%9.70%11.61%11.99%10.86%
Marine16.06%16.01%15.31%15.24%17.17%
Agricultural risks--7.84%19.06%22.06%
Total non-life13.20%12.93%14.32%17.92%19.17%

(1) Including workmen's compensation and personal accident

AIICO Insurance : gross non-life combines ratio per class of business

 20162017201820192020
Accident (1)46.01%62.11%83.26%72.70%66.32%
Fire124.34%87.93%113.78%179.05%277.03%
Energy-39.69%18.47%103.87%68.05%90.35%
Motor84.78%65.18%62.28%53.00%57.03%
Marine54.25%79.29%53.47%45.52%31.44%
Agricultural risks--7.84%37.06%147.93%
Total non-life55.40%63.21%84.08%80.52%107.06%

(1) Including workmen's compensation and personal accident

AIICO Insurance

GIG : Contact


Head Office
AIICO Plaza Plot PC 12, Churchgate Street, Victoria Island, Lagos, Nigeria
Phone
+234 01 279 2930-59
Fax
+234 01 2799800
E-mail
aiicontact [at] aiicoplc [dot] com
Website
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Mon, 21/02/2022 - 16:40
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