AIICO Insurance Plc grew its profit before tax by 27.3% to N19.4 billion in the nine months ended September 30, 2026, supported by growth in its life insurance business and improved earnings. The insurer disclosed this in its unaudited financial results for the nine-month period released on Monday, November 9, 2026.
Earnings per share rose by 25.5% to 47 kobo, while profit before tax increased from the corresponding period of the previous year.
The company’s Life contractual service margin (CSM), which represents the stock of unearned future profit expected from insurance contracts, grew by 23.2% year-to-date to N42.2 billion. AIICO also generated N8.5 billion in new-business CSM during the period, indicating continued growth in the future profitability of its Life insurance portfolio.
Commenting on the results, Babatunde Fajemirokun, Managing Director and Chief Executive Officer of AIICO Insurance, said the company’s strategy would increasingly prioritise underwriting discipline and capital efficiency following the completion of the insurance industry’s recapitalisation exercise.
“With recapitalisation complete, competition will be won on underwriting discipline and capital efficiency, not premium volume. AIICO met the new requirements without raising capital, grew profit before tax by 25% and added N8.5 billion of future Life profit this year.
“Non-Life faced a tough market, but our diversified model carried the Group, and we are acting on Non-Life costs and pricing,” Fajemirokun said.
The CEO’s comments highlight the company’s intention to focus on profitability and efficient capital deployment rather than pursuing premium growth at the expense of underwriting returns.
