Key points
- AIICO Insurance reported an 18.9% increase in second-quarter profit after tax to N13.4 billion.
- Insurance revenue rose 14.5%, while total assets grew 13.2% to N661 billion.
- The company retained its composite insurance licence after meeting NAICOM’s recapitalisation requirements.
Main story
AIICO Insurance Plc has reported an 18.9 per cent increase in profit after tax to N13.4 billion for the second quarter ended June 30, 2026, from N11.3 billion recorded in the corresponding period of 2025.
The company disclosed this in a statement released on Wednesday in Lagos, noting that it had also retained its composite operational licence after meeting the recapitalisation requirements of the National Insurance Commission (NAICOM) under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to the company, insurance revenue rose by 14.5 per cent to N74.9 billion from N65.4 billion in the corresponding period of 2025, while gross written premium stood at N104 billion.
AIICO said total assets increased by 13.2 per cent to N661 billion from N584 billion at the end of the 2025 financial year.
The company attributed the improved performance to stronger underwriting capacity, growth across its key business segments and sustained customer confidence.
It also announced that it had received a new operational licence from NAICOM following the successful completion of the insurance industry’s 12-month recapitalisation exercise.
According to the company, NAICOM listed AIICO among insurers that met the new minimum capital requirement, enabling it to retain its composite licence for both life and general insurance businesses.
It added that it achieved the recapitalisation threshold without raising additional capital, having maintained capital above the revised regulatory minimum before the exercise.
Managing Director of AIICO Insurance Plc, Mr Babatunde Fajemirokun, said the strengthened capital position would enhance the company’s ability to underwrite larger risks, settle claims promptly and continue delivering quality insurance services.
He added that the milestone reflected the company’s commitment to regulatory compliance, financial strength, sound corporate governance and long-term sustainability.
Fajemirokun also thanked customers for their continued loyalty and confidence, describing their support as a key driver of the company’s sustained growth.
The issues
Nigeria’s insurance industry recently completed a recapitalisation exercise under the Nigerian Insurance Industry Reform Act 2025, requiring operators to strengthen their capital base. Companies that met the new requirements are expected to have greater underwriting capacity and stronger financial resilience.
What’s being said
Fajemirokun said the company’s strengthened capital position would enable it to underwrite larger risks, meet claims obligations promptly and sustain long-term growth while maintaining strong corporate governance and regulatory compliance.
What’s next
AIICO is expected to leverage its stronger capital base to expand underwriting capacity, grow its insurance portfolio and strengthen its position in Nigeria’s insurance market.
Bottom line
AIICO combined stronger earnings with regulatory compliance in the second quarter, positioning the insurer to take on larger risks and pursue future growth under the industry’s new capital requirements.
