AIICO Insurance has posted an 18.9 per cent increase in profit after tax to N13.4 billion for the second quarter of 2026, from N11.3 billion recorded in the corresponding period of 2025.

The company disclosed this in a statement on Wednesday. It said it had retained its composite operational licence after complying with the recapitalisation requirements of the National Insurance Commission (NAICOM) under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

According to the company, insurance revenue rose by 14.5 per cent to N74.9 billion, compared with N65.4 billion recorded in the corresponding period of 2025.

AIICO said its gross written premium stood at N104 billion, while total assets increased by 13.2 per cent to N661 billion from N584 billion at the end of the 2025 financial year.

It attributed the improved performance to stronger underwriting capacity, growth across key business lines and sustained customer confidence.

The company also said it had received a new operational licence from NAICOM following the successful completion of the insurance industry’s 12-month recapitalisation exercise.

It said NAICOM, in a public notice issued on Sunday, listed it among insurers that met the new minimum capital requirement, enabling it to retain its composite licence for both life and general insurance businesses.

The company added that it met the recapitalisation threshold without raising additional capital, having maintained capital above the revised regulatory minimum before the exercise.

The managing director of AIICO Insurance, Babatunde Fajemirokun, said the milestone underscored the company’s commitment to regulatory compliance, financial strength, sound corporate governance and long-term sustainability.

Mr Fajemirokun said the strengthened capital position would enable the company to underwrite larger risks, settle claims promptly and continue delivering quality insurance services to customers.

“This milestone reflects our unwavering commitment to regulatory compliance, financial strength, sound corporate governance, and the long-term sustainability of our business.

“More importantly, it reinforces our capacity to underwrite risks of greater scale, honour claims and obligations promptly, and continue protecting what matters most to our customers with confidence,” he said.

He thanked customers for their continued loyalty and confidence, describing their support as a key contributor to the company’s sustained growth.

AIICO Insurance, established in 1963, is a composite insurer providing life and general insurance, health insurance, and investment management services in Nigeria.

(NAN)