AIICO Insurance posts N69.5bn as revenue, grows PAT by 152.88% in Q3 2022

A total of 4.36 billion ordinary shares of AIICO Insurance Plc were listed on the daily official list of the Nigerian Stock Exchange, according to a report obtained from the NSE at the weekend.

The additional shares listed on the Exchange arose from the company’s rights Issue of 4.36 billion ordinary shares of 50 kobo each at 80 kobo per share on the basis of five new ordinary shares for every 13 ordinary shares held as at June 15, 2020.

The rights issue was 100 per cent subscribed. With this listing of the additional 4.36 billion ordinary shares, the total issued and fully paid-up shares of AIICO Insurance has now increased from 16.32 billion ordinary shares of 50 kobo each.

PUNCH reports that AIICO had projected to achieve N19.94bn gross premium income for the first quarter ending March 31, 2021.

In its Q1 earnings forecast obtained from the NSE, the insurance firm also projected N1.33bn as profit after tax and N1.40bn as profit before tax for the period.

AIICO Insurance recently disclosed that it had entered into discussions with FCMB Pensions Limited for the divestment of its interest in its pension subsidiary, AIICO Pension Managers Limited.

It said the proposed sale would see a full uptake of AIICO’s 70 per cent stake in the company


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