AIICO Insurance grows underwriting profit by 326%
http://ift.tt/eA8V8J Explains reduction in premium By Rosemary Onuoha AIICO Insurance Plc said it grew its underwriting profit for the year ended December 31, 2016 by 326 percent. The figure increased from a loss position of N5.5 billion to a profit of N12.45 billion across the group driven by slight underwriting improvements in the non life business and release of the reserves in the life business. Its gross premium for the period, however, witnessed a 17.8 per cent decline to N27.1 billion from N32.9 billion in 2015. Announcing this to shareholders at the 2016 Annual General Meeting of the company held in Lagos, Managing Director, Mr. Edwin Igbiti, explained reason for reduction in the company’s gross premium during the period saying it was due to its strategic decision to reduce premiums written in the long-term business (retirement product) as a result of higher market risks. “Our decision to diversify the long-term business to include...