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AIICO Insurance suffers 45% profit decline

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BY ABDUL OLALEKAN

The financial crisis in the country takes its toll of AIICO Insurance Plc as it suffered a profit after tax decline of 46% to N1.2 billion on its 2015 full year audited financials from N2.2 billion recorded for the same period in 2014.

The results also revealed that the group’s profit before tax fell by 45% to N1.8 billion from N3.27 billion achieved in the previous year.

Significantly, the group recorded a total comprehensive loss for the year amounting to N1.96 billion from an income of N1.1 billion achieved in 2014, representing a 279 per cent depression in its financials.

Its 2015 financial statement equally showed that Net Premium Income for the insurance company dipped by 58 per cent to N6.75 billion from N16.2 billion while gross premium income fell by 49 per cent to N10.41 billion from N20.3 billion in 2014, as Basic earnings per share dropped to N17.60 from N31.38 indicating a 44 per cent decline.

The 2015 financial statement of the firm shows that the book value of equity/shareholders’ funds was N9.4 billion, down by N2 billion or by 18 per cent in 2015.

The report read: “This is largely as a result of a change in accounting policy – reclassifying ca. N60 billion of fixed income investments from a cost-based valuation to a market-based one thereby valuing at carrying values which are marked-to-market. This was to eliminate the identified accounting mismatch and align the risks and management of the assets and liabilities for annuity.”

Total assets as at December 31, 2015, it said, is N80 billion, up by N22 billion, thus, grew significantly as the company reinvested policyholder’s funds and ensured adequate matching of assets to the duration of the liabilities, in particular guaranteed annuities, with estimated life expectancy of 20 years after retirement.

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