Members of the National Association of Insurance and Pension Correspondents (NAIPCO), were trained today in Lagos at a workshop organised by a leading firm, AIICO Insurance PLC with the  theme “Financial Understanding And Analysis”.

The training which was aimed at building journalists’ capacity and broadening their knowledge in the industry’s financial reporting is the second of such being sponsored by AIICO for NAIPCO members. The first time was in November 2020.

Addressing NAIPCO members, the Managing Director and Chief Executive Officer of AIICO Insurance Plc, Mr Babatunde Fajemirokun, who was represented at the event by Head, Strategic Marketing and Communications Department, Segun Olalandu, restated the firm’s commitment in ensuring a deliberate and sustained collaborative partnership with members of NAIPCO to build their capacity for enhanced performance.

He said the company is passionate about NAIPCO and its critical roles in the growth of the industry, adding that, “we are committed to working with you to achieve your objectives as highlighted to us in your proposal.”

“We are always passionate about NAIPCO. Whenever issues are raised about NAIPCO, we always think of how to work together because of your critical role as a purveyor of information.” 

The AIICO MD/CEO who commended the efforts of NAIPCO in creating awareness and educating the public on the benefits and advantages of insurance as a risk-mitigating mechanism and a tool for poverty alleviation and wealth creation, also stressed the prime place of the media in nation-building.

While describing NAIPCO as a “very important association and strategic” for the nation’s insurance industry, he assured the Association of his company’s continued supports.

Mr. Fajemirokun implored the journalists to redouble their efforts and remain committed to their professional ethics and conduct in order to take the industry to the next level.

Earlier in his opening remarks, the Chairman of NAIPCO and Publisher of Inspen Online, Chuks Udo Okonta, commended AIICO for their support and pledged the Association’s commitment to work with AIICO for actualization of its corporate objectives.

“We are here today because of you. We will never take this for granted. We will ensure that knowledge gained in this training today is used for the growth of the industry. We are indeed grateful. 

Meanwhile, AIICO Insurance Plc in its earnings forecast for the third quarter ending 30 September 2021, projected a N53.82 billion gross written premium (GWP ) representing 75% of the 2021 full-year projection for the third quarter of 2021.

Profit after tax is projected to be N3.052 billion.

According to a filing at the Nigerian Exchange, the Non-Life business 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 our bond investments and our investment in other short term financial assets.

AIICO is the market leader in Retail Life insurance and retirement services and is a market leader (top 3) in Non-Life insurance in Nigeria. The core insurance franchise is complemented by our leading insurance asset management and health management businesses.

AIICO also owns valuable financial and strategic assets including a controlling stake in Multishield Limited, and a 19% stake in Healthcare International Limited (both healthcare management organizations (“HMOs”)), and AIICO Capital Limited (an asset management wholly-owned subsidiary).