Insurance company, Aiico has forecasted a Gross Written Premium (GWP) of ₦114.3 billion for the second quarter of 2025 from insurance revenue of ₦67.2b currently recorded.
In a notice to the Nigerian Stock Exchange (NSE) on Wednesday, the firm said the 2025 projections are made based on seasonal trends of premium receipt with a consideration of actual premium receipt for January 2025 while 2024 is actual premium cashflows.
Highlights:
- The Non-Life business represents 39.3% of the stated GWP while the Retail Life and
- Group Life businesses represent 50.7% and 10.0% respectively.
- Investment income will be driven largely by our bond investments and our investment in other financial assets.
- The following non cash transactions were included in the Statement of Profit or Loss and Other comprehensive income:
- Depreciation of Non-CURRENT asset in line with the policy
- Amortisation of intangible assets
- Net fair value gain/loss on financial assets. This is subject to change based on market conditions.
Profits in 2024 were affected by FX gains of about N10.8 billion due to the devaluation of the Naira.
“We expect insurance service results to increase 280% over 2024, pointing to more sustainable performance resilient to exogenous shocks. We expect the underlying, sustainable business performance to drive profitability in 2025. Insurance service margins are expected to increase from 4% to about 10% by H1 2025,” the notice signed by the company’s Managing Director, Babatunde Fajemirokun, and the Chief Finance Officer, Bisola Elias said.
