AIICO Insurance Plc on Wednesday published its First Quarter report for the period ended 31 march 2020 on the website of the Nigerian Stock Exchange. The report shows growth in top line and bottom line figures of the underwriting firm.
In the unaudited financial statement, AIICO Insurance reported a Gross Premium Written of N17.55 billion, up by 22.53% when compared to N14.32 billion reported in the first quarter of 2019.
Profit after tax rose by 82.81%, closing the first quarter of 2020 at N1.88 billion as against the profit after tax of N1.03 billion in Q1 2019.
Using the ratio of profit after tax over outstanding number of shares of 11,330,204,480 the earnings per share (EPS) of AIICO Insurance for the period under review is evaluated as 17 kobo.
With reference to the share price of N0.93, the P.E ratio of AIICO Insurance is calculated as 5.61x with earnings yield of 17.81%.
The underwriting firm in the report noted that though its office locations were shut down during the lockdown period, they remained operational, ensuring continuous service to customers remotely.
According to AIICO Group: “This feat was achieved with the help of our robust and resilient technology infrastructure supported by seamless operational processes that enabled our employees work from home (WFH) with ease.
In addition, we carried out detailed scenario analysis and stress testing to examine the impact of COVID-19 on AIICO’s business operations and financial performance. The results of the scenario testing carried out showed that the CovID-19 pandemic had no impact on the Company’s going concern status as at 31 March 2020.
As a socially responsible organization, we supported the Federal Government and Lagos State Government in the fight against the pandemic by providing life insurance to over 5,000 frontline Healthcare workers. In addition, we provided hygiene kits to pregnant women and established a feeding program targeted at less privileged in vulnerable communities within Lagos State.”
“Finally, the company continues to monitor the events as they unfold to ensure necessary arrangements and systems are put in place to minimize impact on our operations’’