AIICO Insurance Plc has released its earnings forecasts for the third quarter of the year, Q3, ended 30 September 2021.
Gross Written Premium (GWP) projected for the third quarter of 2021 is N53.82 billion representing 75% of the 2021 full-year budget. The Non-Life business of Aiico represents 28% of the stated GWP while the Ordinary Life, Group Life and Annuity businesses represent 60%, 10% and 2% respectively.
Investment income will be driven largely by its bond investments and investment in other short term financial assets.
The company expects its Net premium income to stand at N43.13 billion. The Operating expenses saw a projection of N9.53 billion with Profit after tax projected at N3.05Billion.
The following non-cash transactions were included in the Statement of Profit or Loss and Other comprehensive income:
- Depreciation of Non-current asset in line with the Group’s policy
- Amortization of intangible assets
- Net fair value gain/loss on financial assets.
Reinsurance expenses is projected at an average of 9% of the projected Gross Written Premium.