By Ngozi Onyeakusi–AIICO Insurance Plc has declared a six kobo dividend per ordinary share of 50 kobo each, to its shareholders for the financial year ended 31st December, 2018.
The said dividend which is payable to firms investors whose names appeared in the company register amounted to N415. 8 million.
This represents 20 per cent increase over what was declared in the previous year.
Addressing shareholders at the firm’s 49th Annual General Meeting (AGM) in Lagos, Chairman of the Company, Bukola Oluwadiya said it was always in the habit of the company to reward its shareholders.
Oluwadiya said going forward, the company planned is to maintain or grow the ordinary dividend per share over time depending on business performance, growth prospects and regulatory solvency requirements.
The Chairman who described 2018 as “another better year for our company” said the company’s meticulous execution of its transformation plans yielded expected result with year on year improvement in its performance.
During the period under review, Oluwadiya said the company’s Gross Premium grew by 17.4 per cent to N37.7 billion from N32.1 billion reported in 2017.
He said the growth was predominately driven by both the company’s life and non-life businesses.
The Board Chairman said the company’s deliberate approach to risk selection; superior technical underwriting capabilities and reinsurance arrangements led to over 180 per cent improvement in its underwriting profits from negative N4 billion in 2017 to over N3.2 billion in 2018.
The profit before tax, he said, stood at N3.4 billion, representing a 15 per cent growth over N3 billion recorded in the same period of 2017.
During the period under review, according to him, the company’s Net Asset Value (NAV) increased by 39.4 per cent from N10.9 billion in 2017 to N15.2 billion, which he said was driven by profit for 2018.
He said the company has continued to strengthen its insurance businesses through investment in actuarial capabilities by employing a Chief Actuary in the team which he said has significantly added value to the company’s business strategy and execution.
“During the year under review, we intensified efforts at re-modernization of our Agency workforce. We invested in best-in-class training and recruitment practices for our Agency platform to improve productivity,” he said.
On non-life, he said, “In Non-Life, we continuously seek to grow our retail offerings and continue to strengthen partner relationships. We made continuous improvement in underwriting ability and capacity to drive selected product ranges in our portfolio.”
He said the company has continued to deploy leading people practices to attract and retain talents, adding in that in 2018, “We commenced the implementation of our newly developed Career Management Framework – allowing our people to chart their path to self-development and advancement within the company.”