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May 2018 AIICO Insurance posted 5.3 billion NGN (14.9 million USD) of net profit in 2017 compared to 336 million NGN (942 816 USD) in 2016. The turnover of the Nigerian insurer amounted to 32.1 billion NGN (90.07 million USD), up by 18.6% in comparison with the 27.06 billion NGN (89.3 million USD) reported in 2016.
It is life insurance that is driving growth thanks to a 29% leap in underwritings at 16.4 billion NGN (46.02 million USD).
The company’s shareholder’s equity progressed by 25% at 10.9 billion NGN (30.6 million USD). The overall assets reached 92 billion NGN (258.2 million USD), up by 19% in comparison with 2016.3
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- The insurance industry in Nigeria [4]