AIICO Insurance records N1.5bn profit

AIICO Insurance Plc recorded a profit before tax of N1.51bn during the first nine months of the current year.In a statement by the firm on Friday, the companys Managing Director, Mr. David Sobanjo, was quoted as disclosing this.He stated, The unaudited results of the third quarter ended September 2011, showed that the profit after tax is about N1.1bn during the same period.It added that the gross premium of the underwriting firm was N13.5bn as at the end of third quarter compared to N11.1bn recorded during the corresponding period in 2010. Similarly, its investment and other income rose from N858m in 2010 to N979m in 2011.He confirmed that the company had consistently been discharging its duties to the policyholders in the area of claims payment during the period under review, in line with its promise to pay all genuine claims promptly.According to him, Aiico paid claims totalling N2.44bn between January and August 2011, as against N1.4bn claims paid during the same eight months period in 2010.He explained that out of the total claims of N2.44bn paid during the eight-month period in 2011, over N1.19bn was paid as claims under general insurance business, while the life insurance business accounted for N1.25bn claims.The breakdown of the claims paid during the first eight months of the current year from general insurance business showed that N543m was paid on motor insurance; N212m was recorded on fire insurance; N19.8m went into claims settlement on oil and energy; while N169m claims was paid on goods in transit class.It stated that fire and special perils claims amounted to N107. 9m, marine paid out N25m; claims from construction amounted to N26m; Fidelity Guarantee accounted for N53m; and N59m was paid on workmen compensation, among others.
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