AIICO Insurance Plc has retained the number 1 spot as the largest insurer by assets in Nigeria which has Africa’s largest population, but there are concerns that sector players do not have capacity to undertake big ticket risk.

AIICO’s total asset hit N221.94 billion as at December 2021, and that compares with AXA Mansard’s N104.46 billion; Mutual Benefit, N85.39 billion; Cornerstone Insurance, N48.58 billion; African Alliance, N43.88 billion; Coronation Insurance, N40.54 billion; NEM Insurance, N36.32 billion; Linkage Assurance, N34.85 billion; Lasaco, N23.70 billion; Niger Insurance, N21.66 billion; Prestige Assurance, N21.37 billion, and Sovereign Trust, N16.42 billion.

AIICO Insurance: FY Financial Overview

While AIICO Insurance made money by parking policyholders’ premiums in fixed income securities, a huge fair value loss on financial assets pressured the insurer’s return on equity.

Of course, insurance companies in Africa’s largest economy who had ridden out of the coronavirus pandemic are now beset by inflationary pressures, currency volatility, a low yield environment, and huge energy costs undermining profitability.

Read more: https://moneycentral.com.ng/insurance/article/aiico-insurance-remains-largest-listed-insurer-by-total-asset/