AIICO Insurance reports N1.5bn profit in Q1 2021

Adebayo Obajemu

AIICO Insurance in the first quarter of 2021 reported Gross premium written of N19.69 billion, up by 12.19% from N17.55 billion reported in Q1 2020.

Profit after tax for the period under review declined by 18.79% to N1.506 billion from N1.85 billion reported in Q1 2020.

Earnings per share of the underwriting firm decreased to 7 kobo from the EPS of 9 kobo achieved in Q1 2020.

At the share price of N1.29, the P.E ratio of AIICO Insurance stands at 17.70x with earnings yield of N5.65%.