AIICO Insurance’s 9M pre-tax profit rises 27.3% to N19.42 billion on investment gains

AIICO Insurance Plc observed a notable 27.3% surge in its consolidated pre-tax profit to N19.42 billion over the nine months concluding September 30, 2026, compared to N15.25 billion during the same span in 2025. This growth was primarily driven by augmented insurance revenue and enhanced investment income. Insurance revenue saw a 14.7% rise to N114.57 billion from N99.85 billion, while gross written premium expanded by 6.6% to N163.58 billion from N153.40 billion.

The company’s unaudited financial statements revealed a 25.6% increase in profit after tax, reaching N17.28 billion from N13.75 billion.

Despite the overall profitability improvement, insurance service expenses climbed by 22.3% to N81.17 billion from N66.39 billion, somewhat offsetting the gains. The insurance service result, amounting to N9.45 billion, mirrored a 10.4% year-over-year increase, while earnings per share rose to 47 kobo from 37 kobo. Total assets grew by 21.3% to N708.39 billion, predominantly fueled by a substantial increase in financial assets to N570.00 billion.

However, cash and cash equivalents declined by 27.1% to N54.20 billion. Total equity expanded by 14.9% to N113.33 billion.