AIICO Insurance Plc has said its audited results for the year ended 31 December 2020 show a rise in Gross Written Premium (GPW) by 23.6 per cent year-on-year to ₦62 billion in FY 2020 as against N50.1 billion in 2019.
The underwriting firm attributed the positive result to its investment in the workforce, increased focus on partnerships and better relationships with corporates.
AIICO, however, reported an underwriting loss of ₦36.3 billion as against N7.7 billion achieved in 2019. This was attributed to new reserve requirements and changes in actuarial reserves in the life business for policies written in 2020.
There were significant movements in investment yields that affected the value of liabilities and assets in its life business, it explained.
Underwriting performance in the general business declined due to increased claims in our fire (due largely to the civil unrest across the country) and special oil lines while investment income grew by 13.1 per cent (YoY) to ₦11.7 billion in 2020.
Profit before tax declined by 22.6 per cent to ₦4.6 billion, against N6 billion posted in 2019.