AIICO Insurance has posted a solid financial performance for the first quarter of 2026, showing steady growth in both revenue and premiums despite a challenging economic environment.
According to the company’s unaudited results for the period ending March 31, 2026, total revenue rose by 11.8 percent to N36.7 billion. This marks an increase from N32.8 billion recorded in the same period in 2025. The growth reflects improved business activity and stronger demand for insurance products.
Gross premiums written also saw a notable rise, climbing by 14.2 percent to N62.6 billion compared to N54.8 billion in the first quarter of last year. This indicates that more customers and businesses are turning to insurance services, boosting the company’s core operations.
AIICO’s insurance service result came in at N4.2 billion, showing improved operational efficiency. Profitability also strengthened during the period. Profit before tax increased, while normalized profit—excluding one-off items such as foreign exchange gains—grew significantly.
Normalized profit before tax rose by 34 percent to N7.3 billion, up from N5.5 billion in Q1 2025. Similarly, normalized profit after tax increased by 32.4 percent to N6.5 billion, compared to N5.0 billion recorded a year earlier. These figures highlight the company’s ability to grow earnings from its core business activities.
However, the company faced some challenges. Foreign exchange (FX) losses increased sharply to N1.6 billion in Q1 2026, compared to just N25.2 million in the same period last year. This reflects ongoing currency volatility, which continues to impact many Nigerian businesses.
Speaking on the performance, the Managing Director and CEO, Babatunde Fajemirokun, said the results demonstrate the company’s resilience and strong execution strategy. He noted that despite a more uncertain market environment, AIICO has remained focused on delivering value to its customers.
He added that clients continue to trust the company to meet its obligations, and AIICO is confident in its ability to sustain growth in the coming years.
The Chief Financial Officer, Bisola Elias, also highlighted key financial improvements. She confirmed that revenue growth remained steady, while profits increased significantly when FX impacts were excluded.
However, she pointed out that insurance service margins dropped slightly to 11.4 percent from 12.4 percent in the previous year. This was mainly due to reduced underwriting margins, although the company maintained disciplined risk selection.
Looking ahead, AIICO stated that it remains focused on managing key risks in a changing economic environment. The company plans to stay flexible and responsive to market conditions while maintaining strong financial discipline.
It also emphasized its commitment to protecting clients through effective risk management strategies and a solid asset-liability framework. With strong governance and a stable balance sheet, AIICO believes it is well-positioned to achieve its long-term goals and deliver value to shareholders.
