Aiico Insurance Posts N183m Profit in 2003
By Nnamdi Duru
Aiico Insurance Plc, the leading life insurer in the country has posted N183.22 million profit after tax from its operations last year. It also raised its shareholder's fund to N2.65 billion within the same perion. The company's after tax profit improved by 37.7 percent while stakes of the company's owners increased by 73.9 percent.
This information is the content of the company's Report of the Directors and Audited Financial Statement for 2003 made available to THISDAY in Lagos recently.
Last year, the company was able to rake in N1.72 billion premium income. The total in respect for managed funds in the organisation rose to N1.05 billion. These were 18.5 percent improvement on premium income which stood at N1.45 billion in 2002 and 12.2 percent increase over deposits that was N1.08 billion the previous year.
In addition to the above, Aiico Insurance Plc also realised a total of N1.05 billion income from its investments last year. This is 56.5 percent higher that the investment income recceived by the underwriting firm in 2002.
Its profit before tax last year was 35.9 percent higher than the figure for the previous year, rising from N150.21 million in 2002 to N204.22 million in 2003. Likewise, the company's profit after tax peaked at N183.22 million last year, a 37.7 percent rise in the amount recorded the previous year, which was N133.09 million.
The company also increased its paid-up share capital by 133.33 percent from N150 million the previous year to N350 million last year as well as increase its insurance fund by 73.9 percent from N1.52 billion in 2002 to N2.65 billion in 2003.
The company's total assets was also grown by 36.9 percent from N6.23 billion the previous year to N8.54 billion last year while the recommended that 10 kobo be paid as dividend for every 50 kobo ordinary share in the company.
Within last year, Aiico Insurance Plc also raised the level of its investment by 42.1 percent, increasing it from N3.70 billion in 2002 to N5.26 billion last year. Its contingency reserve was also increased by 17.9 percent, it was raised from N175.14 million the previous year to N206.46 million last year.
Insurance fund in the company was raised from N3.86 billion in 2002 to N4.78 billion last year. This amounts to a 23.9 percent increase in insurance fund. Its fixed assets was as well raised by 21.7 percent, rising from 1.21 billion in 2002 to N1.47 billion as at the end of 2003's accounting period.
The earnings per share fell from 44.36 kobo to 26.17 kobo, partially due to the introduced of additional share capital towards the end of last year's operations.
As at December 31, 2003, the market price for a 50 kobo ordinary share of the company on the floor of the Nigerian Stock Exchange was put at 248 kobo up from 131 kobo recorded by the end of the previous year.
Aiico Insurance Plc, the life insurance giant also increased the number of shareholders in its register from 10,721 in 2002 to 11,053 in 2003 while its workforce fell from 345 in 2002 to 311 in 2003.
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