AIICO Insurance records NGN622 million loss in 2016

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Coming from a full year of loss in 2015, AIICO Insurance, one of Nigeria’s largest insurance company is reporting more losses for the year 2016.

The loss for the year was attributed to certain assets in its books that are unsold. Total loss for the year however, fell to NGN622 million compared to NGN1,9 billion in the previous year.

These assets includes quoted and unquoted equities, revaluated equities and treasury bills instruments. The losses widened from NGN2 billion posted in the previous year

AIICO Insurance said its gross premium fell to NGN27 billion compared to NGN32 billion posted in the year before.

Net premium income rose to NGN26 billion compared to NGN6 billion posted in the year before.

Total asset for the insurer fell to NGN77 billion compared to NGN80 billion recorded in 2018. Total liabilities also fell to NGN68 billion versus NGN70 billion in 2015.

 

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