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Commenting on the results, Mr. Babatunde Fajemirokun, the Managing Director and Chief Executive Officer said, “Our performance for the year reflects the steady execution of our strategy and the increasing strength of our core insurance businesses. Insurance revenue grew 27.0% to ₦137.7 billion, while normalized profits excluding FX effects rose 54.0% year-on-year to ₦18.3 billion from ₦11.9 billion in FY 2024. This improvement was driven by stronger insurance results, with service margins recovering to 6.9% from -2.8% in the prior year, underscoring the quality and sustainability of our earnings. As we look ahead, we remain focused on deepening customer engagement, enhancing operational efficiency, and continuing investments that position the business for consistent, long-term value creation for our shareholders.”
Group Performance Review
• Group revenues increased 27.0% year-on-year to ₦137.7 billion (FY 2024: ₦108.4 billion). Premiums written
grew 20.3% year-on-year to ₦191.8 billion (FY 2024: ₦159.4 billion).
• Insurance service results improved to ₦9.5 billion in FY 2025 (FY 2024: loss of ₦3.0 billion), reflecting improved
underwriting margins in both retail and commercial product lines.
• Profits before taxes improved, while normalized profits excluding one-off items such as FX gains rose by 63.6%
to ₦20.4 billion in FY 2025 (FY 2024: ₦12.5 billion). Normalized profit after tax also increased by 54.0% to ₦18.3
billion (FY 2024: ₦11.9 billion). Profits in 2024 were supported by a net FX gain of about ₦10.9 billion, compared
to a loss of ₦2.7 billion in FY 2025. The normalized return on equity for the period is 25.5% (annualized).
• Group earnings were -8.6% below our forecasts for the period, while revenues came in -2.1% below
projections. Actual normalized profits were -5.1% below our expectations (our forecasts included a foreign
exchange gain while the actual results reflected a foreign exchange loss due to the appreciation of the Naira).
About AIICO Insurance Plc
AIICO Insurance Plc (NGX: AIICO) is a leading composite insurer in Nigeria with a record of accomplishment of serving
our clients that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance,
and investment management as a means to create and protect wealth for individuals, families and corporate customers.
The Life Insurance segment offers savings, protection products and other long-term contracts (both with and without
insurance risk). It comprises a wide range of whole life, term assurance, guaranteed pensions, pure endowment
pensions and mortgage endowment products. Revenue from this segment is derived primarily from insurance
premium, fees and commission income and investment income.
The General Insurance segment comprises general insurance to individuals and businesses. General insurance products
offered include auto, household, commercial and business interruption insurance. These products offer protection of
policyholder’s assets and indemnification of other parties that have suffered damage as a result of policyholder’s
accident.
The Health segment is a Health Maintenance Organization for prepaid health plans to cater for the health needs of
individuals and corporate organizations. The segment became a full subsidiary of AIICO Insurance Plc on July 1, 2012.
The Asset Management segment is registered and licensed by the Securities & Exchange Commission in 2012, to carry
out portfolio/fund management services. The segment commenced full operations in 2014 through the provision of
bespoke wealth solutions for clients, by adopting a research-based approach for every investment decision. The
segment offers portfolio management services, structured investments and mutual funds to suit the investment needs
of corporate and individual clients.
