Home Insurance Digest AIICO Insurance wins 4 PEARL Awards, focus on bancassurance, others

AIICO Insurance wins 4 PEARL Awards, focus on bancassurance, others

EDDY JOHN

AIICO Insurance Plc. has won four awards at the 2017 prestigious PEARL Awards ceremony held recently at Eko Hotel, Lagos.

The company emerged winner in two categories of the awards, the Sectoral Leadership Awards and the Market Excellence Awards.

The complete lists of the awards include Sectoral Leadership Award in Financial Services – Insurance Sector; Market Excellence Award for Highest Earnings Yield; Market Excellence Award for Highest Return on Equity and Market Excellence Award for Highest Dividend Cover. The company was shortlisted for the overall highest Award, the PEARL.

The PEARL Awards stands for Performance, Earnings and Returns Leadership, is an organization that is endorsed by the Securities and Exchange Commission.

Chief Operating Officer, AIICO Insurance Plc, Babatunde Fajemirokun, at a media parley in Lagos recently, said the company will continue to sustain the achievements that gave them the awards just as he promised that the firm will continue to be at the fore-front of change.

He said AIICO with its 54 years of experience in the industry will continue to do everything within its powers to remain at the enviable position.

On the firm’s 2017 financial performance, he said the gross premiums earned in the life business reduced 25 per cent to N10 billion from N13.3 billion in 2016 despite the five per cent growth in premiums, adding that the benefits in the firm’s life business, which make up 76 per cent of total claims recorded in 2016 grew 44 per cent compared to 2016. He said this is because the life business is much larger today than it was in 2016.

“The timing of these benefits payments is largely predetermined based on the contract with our policy holders. This is another area where life and general insurance diverge – in non-life, the timing of these cash flows are uncertain.

“The importance of investments to our life business operations thus becomes apparent – we must invest the premiums efficiently to make sure we can meet our obligations. Investment income is therefore an important indicator of performance in a life insurer and trading in a volatile investment climate such as ours is not only recommended, it is wise.

“In our general business, which consists of short term products and policies, combined ratio reduced from 122 per cent to 102 per cent comparing Q3 2016 to 2017. Our claims ratio also reduced in 2017 from 55 per cent in 2016 to 49 per cent.

In 2018, Fajemirokun said the firm will venture into micro insurance and Bancassurance businesses, saying that talks are on advanced stage with a bank on the Bancassurance operations.

On annuity, he said the demand for products has continued to rise in spite challenges witnessed some months ago.

AIICO Insurance Plc is a composite insurer with interests in Life, General and Health insurance as well as Asset Management and Pensions,” he said.

The management has announced the promotion of Mr. Adewale Kadri as Executive Director Technical following a successful assessment.

The new appointment which the management said took effect November 1st, 2017 is subject to confirmation by the National Insurance Commission (NAICOM).

Mr. Kadiri will continue to oversee the Non-Life business while strategically pursuing the growth of its business.

Wale Kadri has over 23 years’ Insurance experience and during this vast experience he has excelled in various roles. Prior to AIICO he worked in Old Mutual for over 10 years.

He received his B.sc in Applied Accounting from Oxford Brookes University, United Kingdom and a Master’s Degree in Business Administration with specialization in Marketing) from Lagos State University, Ojo.

He is a Fellow of Chartered Insurance Institute of Nigeria and a Chartered Accountant

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