AIICO Insurance Plc reported a 27.3% improve in consolidated pre-tax profit to N19.42 billion for the 9 months ended September 30, 2026, from N15.25 billion within the corresponding interval of 2025, supported by larger insurance coverage income and stronger investment revenue.
For the nine-month interval, insurance coverage income elevated by 14.7% to N114.57 billion from N99.85 billion, whereas gross written premium rose by 6.6% to N163.58 billion from N153.40 billion.
Also, in accordance to the corporate’s unaudited consolidated monetary statements, profit after tax elevated by 25.6% to N17.28 billion from N13.75 billion.
The enchancment got here regardless of larger insurance coverage service bills, as stronger returns from the group’s investment portfolio supported general profitability.
Key Highlights
- Gross written premium: N163.58 billion (Up 6.6% YoY from N153.40 billion).
- Insurance income: N114.57 billion (Up 14.7% YoY from N99.85 billion).
- Insurance service bills: N81.17 billion (Up 22.3% YoY from N66.39 billion).
- Insurance service outcome: N9.45 billion (Up 10.4% YoY from N8.56 billion).
- Earnings per share: 47 kobo (Up from 37 kobo).
- Total belongings: N708.39 billion (Up 21.3% from N584.06 billion).
- Financial belongings: N570.00 billion (Up 27.1% from N448.30 billion).
- Cash and money equivalents: N54.20 billion (Down 27.1% from N74.38 billion).
- Total fairness: N113.33 billion (Up 14.9% from N98.67 billion).
Driving the numbers
AIICO Insurance’s nine-month earnings development was supported by larger insurance coverage income and improved investment returns, though rising insurance coverage service bills continued to strain underwriting profitability.
- Insurance income elevated by 14.7% to N114.57 billion from N99.85 billion, whereas gross written premium rose to N163.58 billion from N153.40 billion.
- Life insurance coverage contributed N61.47 billion to income, whereas common insurance coverage generated N51.45 billion. The group’s well being administration enterprise contributed one other N1.65 billion.
Insurance service bills elevated by 22.3% to N81.17 billion from N66.39 billion, outpacing income development and leaving the insurance coverage service outcome from contracts issued broadly unchanged at N33.39 billion.
However, web reinsurance bills declined to N23.94 billion from N24.90 billion, supporting a ten.4% improve within the general insurance coverage service outcome to N9.45 billion.
Investment revenue drives earnings development
The extra vital contribution to profitability got here from investment actions.
- Net investment revenue earlier than honest worth adjustments elevated by 32.8% to N58.80 billion from N44.28 billion, reflecting stronger returns from the group’s investment portfolio.
- However, web honest worth gains declined to N14.22 billion from N17.84 billion, whereas international alternate losses elevated to N2.02 billion from N1.38 billion.
- Net insurance coverage and reinsurance finance bills eased barely to N43.08 billion from N44.01 billion.
Consequently, the mixed insurance coverage and investment outcome elevated by 47.4% to N36.87 billion from N25.02 billion, offering the primary help for earnings development.
Nevertheless, different bills elevated to N20.28 billion from N11.72 billion, absorbing a part of the development.
- Pre-tax profit consequently rose by 27.3% to N19.42 billion, whereas profit after tax elevated by 25.6% to N17.28 billion, regardless of revenue tax expense rising to N2.14 billion from N1.50 billion.
Balance sheet and money circulate
AIICO Insurance’s whole belongings elevated by 21.3% to N708.39 billion at September 30, 2026, from N584.06 billion at December 2025, pushed primarily by an enlargement in monetary belongings.
- Financial belongings rose by 27.1% to N570.00 billion from N448.30 billion, accounting for roughly 80.5% of whole belongings.
- Reinsurance contract belongings additionally elevated to N34.24 billion from N27.99 billion, whereas commerce receivables rose to N7.63 billion from N1.47 billion.
- Cash and money equivalents, nonetheless, declined by 27.1% to N54.20 billion from N74.38 billion on the finish of December 2025, regardless of the rise in reported earnings.
On the funding facet, whole liabilities elevated by 22.6% to N595.06 billion from N485.39 billion, largely reflecting larger insurance coverage contract liabilities and glued revenue liabilities.
- Insurance contract liabilities elevated to N412.09 billion from N345.12 billion, whereas fastened revenue liabilities rose to N140.22 billion from N97.45 billion.
Shareholders’ funds attributable to the mother or father elevated by 14.8% to N112.55 billion from N98.00 billion, supported by larger retained earnings.
Market response
AIICO Insurance shares declined by 6.58% to shut at N3.55 on Friday, October 30, 2026, from N3.80 within the previous buying and selling session.
The inventory has misplaced 6.33% year-to-date from its opening worth of N3.79 at the start of 2026, whereas its month-to-date return stood at unfavorable 15.1%, in accordance to the equipped share-price data.
Trading quantity elevated to 17.09 million shares on October 30 from 2.87 million shares within the earlier session.
At the closing worth of N3.55, AIICO Insurance’s market capitalisation stood at N129.95 billion.
