AIICO Insurance Plc (“AIICO”, or “the Group”) announced its unaudited results for the interim period ended 31 March 2025.
AIICO’s Group Performance Review showed that the Group revenues increased 44.7% year-on-year to N32.8 billion (Q1 2024: N22.7 billion). Premiums written grew 11.7% year-on-year to N54.8 billion (Q1 2024: N49.1billion).
Insurance service results improved to N4.1 billion in Q1 2025 (Q1 2024: N122 million), driven by improved pricing and optimized reinsurance.
While profits before taxes declined, normalized profits excluding one-off items like FX gains increased 26.4% to N5.2 billion in Q1 2025 (Q1 2024: N4.1 billion). Normalized profit after tax also increased 26.7% in Q1 2025 to N4.6 billion (Q1 2024: N3.7 billion).
Profits in 2024 were affected by a net FX gain of about N6.2 billion compared to N37 million in Q1 2025. The normalized return on equity for the period is 25.6% (annualized).
Group revenues and earnings beat our forecasts for the period by 8.4% and 93.0% respectively. Actual normalized profits exceeded expectations by 152.1%.
Life Insurance
Insurance revenue increased 42% year on year to N16.2 billion (Q1 2024: N11.5 billion) driven by growth in our ordinary life and group life businesses.
Insurance service results also increased 375% to N2.6 billion in Q1 2025 (Q1 2024: N550.0 million).
Investment results declined 65% year-on-year; however, these were impacted by foreign exchange gains of N1.2 billion in Q1 2024 vs N43.7 million in Q1 2025.
While profits before and after taxes increased by 4% year on year, normalized profits from the life business increased 54% in Q1 2025 to N3.2 billion (Q1 2024: N2.1 billion).
Non-life Insurance
Insurance revenue increased 48% to N16.0 billion in Q1 2025 (Q1 2024: N10.9 billion) driven by expansion across all major product lines.
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