AIICO reports increase in PAT by 146%, pays N415.8m dividends
Micheal Ajayi
AIICO Insurance Plc. has announced a Profit After Tax (PAT) growth of 146 per cent, rising from N1.28 billion in 2017 to N3.15 billion at the close of Business in 2018.
Having recorded such progress during the review year, the insurance company says it will pay N415.81m dividend to its shareholders for 2018 financial period with shareholders receiving 6 kobo dividend.
Speaking at its 49th Annual General Meeting (AGM) in Lagos, the company’s Chairman, Bukola Oluwadiya, said the dividend payment was 20 per cent higher than the corresponding period of 2017.
He said that the board had decided to move to a progressive dividend policy to deliver superior returns to its shareholders.
“Our plan is to maintain or grow the ordinary dividend per share over time, depending on business performance, growth projections and regulatory solvency requirement”, he said.
Also, the Profit Before Tax (PBT) was 15 per cent higher in 2018, from N3.041 in the past year to N3.496 with the total assets of the company also rose by 19 per cent, moving from N92.413 billion in the past year to N109.988 billion during the review period, while the shareholders’ fund was N14.53 billion, as against N10.55 billion in 2017, representing a 38 per cent increase.
Similarly, the company’s net asset value increased by 39.4 per cent, moving from N10.9 billion in 2017 to N15.2 billion in 2018.
Speaking on the future, the Managing Director, AIICO Insurance, Edwin Igbiti, said that the strategic intent of the company over the next five years was to regain market leadership through rapid and profitable growth.
Igbiti added that the company had redesigned its go-to-market strategy and realigned organisational structure to reflect customer-centric strategy.
