AIICO Insurance pre-tax profit rises 27.3% to N19.42 billion on investment gains
By Aboki Forex —
AIICO Insurance Plc reported a 27.3% rise in consolidated pre-tax profit to N19.42 billion for the nine months ended September 30, 2026. The insurer earned N15.25 billion in the same period of 2025.
The result was supported by higher insurance revenue and stronger investment income. Profit after tax rose 25.6% to N17.28 billion from N13.75 billion.
Premium and insurance result
Insurance revenue increased 14.7% to N114.57 billion from N99.85 billion. Gross written premium rose 6.6% to N163.58 billion from N153.40 billion.
Life insurance contributed N61.47 billion to revenue. General insurance generated N51.45 billion, while the health management business added N1.65 billion.
Insurance service expenses rose 22.3% to N81.17 billion from N66.39 billion, outpacing revenue growth. The insurance service result from contracts issued was broadly unchanged at N33.39 billion. Net reinsurance expenses fell to N23.94 billion from N24.90 billion. The overall insurance service result rose 10.4% to N9.45 billion from N8.56 billion.
Investment income lifted earnings
Net investment income before fair value changes rose 32.8% to N58.80 billion from N44.28 billion. Net fair value gains declined to N14.22 billion from N17.84 billion. Foreign exchange losses increased to N2.02 billion from N1.38 billion.
Net insurance and reinsurance finance expenses eased to N43.08 billion from N44.01 billion. The combined insurance and investment result increased 47.4% to N36.87 billion from N25.02 billion.
Other expenses rose to N20.28 billion from N11.72 billion. Income tax expense increased to N2.14 billion from N1.50 billion. Earnings per share rose to 47 kobo from 37 kobo.
Balance sheet and market reaction
Total assets rose 21.3% to N708.39 billion at September 30, 2026 from N584.06 billion at December 2025. Financial assets increased 27.1% to N570.00 billion from N448.30 billion and accounted for about 80.5% of total assets. Reinsurance contract assets rose to N34.24 billion from N27.99 billion. Trade receivables increased to N7.63 billion from N1.47 billion.
Cash and cash equivalents fell 27.1% to N54.20 billion from N74.38 billion. Total liabilities rose 22.6% to N595.06 billion from N485.39 billion. Insurance contract liabilities increased to N412.09 billion from N345.12 billion. Fixed income liabilities rose to N140.22 billion from N97.45 billion. Total equity rose 14.9% to N113.33 billion from N98.67 billion. Shareholders' funds attributable to the parent increased 14.8% to N112.55 billion from N98.00 billion.
AIICO shares fell 6.58% to close at N3.55 on Friday, October 30, 2026 from N3.80 in the previous session. The stock has lost 6.33% year to date from its opening price of N3.79 at the start of 2026. Its month-to-date return was negative 15.1%. Trading volume rose to 17.09 million shares on October 30 from 2.87 million shares in the previous session. At N3.55, market capitalisation stood at N129.95 billion.
The profit growth shows investment income is doing more work for AIICO as insurance service expenses outpace revenue. The decline in cash and the share price reaction will keep attention on liquidity and earnings quality.
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