AIICO Insurance Plc has reported a 26.5 per cent increase in insurance revenue to N137 billion for the financial year ended Dec. 31, 2025.
The company disclosed this in a statement on Tuesday that the gross premiums written rose by 20.2 per cent to N191.7 billion during the period under review.
According to the company, growth represents a huge positive margin, compared with N108.4 billion recorded in 2024.
AIICO said its normalised profit after tax, excluding one-off foreign exchange-related gains, grew by 195.4 per cent to N23.7 billion, exceeding forecast by 23.1 per cent.
The company said this surpassed projections in spite of macroeconomic challenges and weaker consumer demand driven by inflation.
The insurer attributed the strong performance to growth across its business segments, improved underwriting discipline and prudent investment strategies.
According to the insurer, the life insurance business recorded a 34.1 per cent increase in revenue to N69.6 billion, while normalised profit rose by 221 per cent to N16.6 billion.
The company said the growth was driven by increased uptake of ordinary life insurance policies, annuities and savings-related products.
Its general insurance business also rebounded strongly, posting an insurance service result of N3.7 billion from a loss position in 2024.
AIICO attributed the turnaround to improved risk selection, pricing discipline and more efficient underwriting operations.
The company’s health management subsidiary, AIICO Multishield, posted a 414.2 per cent increase in profit to N144.3 million, supported by growing demand for prepaid healthcare plans.
Similarly, AIICO Capital recorded a 108.6 per cent rise in investment income to N15.4 billion during the period under review.
The company’s net investment income climbed by 45.9 per cent to N61.2 billion, while insurance service margin improved to 9.1 percent from a negative 2.8 per cent recorded in the previous year.
The company also reported that total comprehensive income rose by 89 per cent to N33.5 billion, underscoring its strong financial position and capacity to meet policyholders’ obligations.
AIICO said it remained committed to strengthening its asset-liability management framework and sustaining long-term value creation for customers and investors.
Speaking on the performance, the Chief Executive Officer of AIICO Insurance Plc, Babatunde Fajemirokun, said, “In a year shaped by macroeconomic transition and evolving policy reforms, AIICO delivered solid performance across our businesses.
“This reflects steady execution of our strategy and our continued commitment to serve our clients with excellence.”he said.
Fajemirokun highlighted how insurance margins recovered dramatically and noted the team’s focus on “disciplined execution, prudent risk management, and targeted investments” for 2026.
He said the company would continue to focus on disciplined execution, prudent risk management and targeted investments in 2026.
The CEO noted that AIICO achieved a 31.2 per cent normalised return on equity and had proposed a dividend of 12 kobo per share for shareholders, payable on June 5, 2026.
He said the company remained well-positioned to navigate evolving economic conditions and ongoing reforms in Nigeria, supported by its disciplined asset-liability management framework designed to cushion the impact of market volatility on clients and shareholders.
Fajemirokun noted that the company’s strategy remained centred, on providing reliable insurance protection, wealth creation opportunities and improved service delivery to customers across its business segments.
He added that the insurer, founded over 50 years ago, would continue to focus on sustainable growth, long-term value creation and strengthening its position in Nigeria’s insurance industry.
