AIICO Insurance observes closed period, as board of directors set to meet

The board of directors of AIICO Insurance Plc is set to meet on Thursday, February 20th, to review and approve the company’s audited financial statement for the full-year ended December 31st, 2019.  

In a public disclosure that was issued to the Nigerian Stock Exchange and signed by the Company Secretary, Donald Kanu, it was stated that any decision reached during the meeting shall be communicated to the public. 

 Recall that AIICO Insurance Plc earlier released its unaudited financial statement for FY 2019, which showed that gross premium income grew by 35% to N50 billion, up from N37 billion during the comparable period of 2018. 

The unaudited result also showed that net premium income for the period was N43.8 billion as against N31.9 billion in 2018, thereby indicating a 37% increase. 

Profit before tax was N6.1 billion as against N3.5 billion in Q4 2018, translating a 76% increase. 

The company’s profit after tax for Q4 2019 stood at N5.7 billion. This is 86% more than N3.1 billion in Q4 2018. 

In the meantime, AIICO Insurance said it has started observing its closed period. This is in line with the plans by the company’s board of directors to review, approve, and disclose the audited 2019 financial result

Parts of the statement by the Company Secretary noted: 

Meanwhile, in line with the provisions of section 17.2 of the amendment of the listing rules, please be informed that the company has since commenced observation of a closed period from February 6, 2020 until 24 hours after the financial result for the year ended 31st December 2019 is released to the public. 

Note that AIICO Insurance’s stock is currently trading at N0.80 on the Nigerian Stock Exchange. Year to date, the stock has only risen by N0.08.

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