AIICO Insurance Plc has received four of the prestigious Pearl honours at its award ceremony in Lagos.
The Executive Director, AIICO Insurance, Babatunde Fajemirokun, said the company emerged winner in two categories of the awards, which were the Sectoral Leadership Awards and the Market Excellence Awards.
He said, “Additionally, the company was shortlisted for the overall/highest award, the Pearl.”
According to Fajemirokun, the Pearl Awards, an acronym for Performance, Earnings and Returns Leadership, is an organisation that is endorsed by the Securities and Exchange Commission.
He said that AIICO has a 54-year history as a life insurer, providing a variety of savings, investment-related and endowment products to its clients.
The director, added that the products were long-term in nature with some having tenor as long as 25 to 30 years.
He explained that profits were most often realised over time, from underwriting and investment operations.
Fajemirokun said some of the firm’s liabilities were also sensitive to interest rate, growing when interest rate declined and reducing when it rose.
These movements, he explained, were usually recognised on the income statement as changes in unearned premiums or life funds.
“In our financial statements, we recognise these movements as changes in unearned premiums; this affects earned premiums,” he said.
Fajemirokun also said that the benefits in the firm’s life business, which made up 76 per cent of total claims recorded in 2016, grew by 44 per cent compared to 2016, adding that this was because its life business was much larger today than it was in 2016.
AIICO Insurance Plc is a composite insurer with interest in life, general and health insurance as well as asset management and pensions.