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Aiico Insurance Plc, one of the largest insurance companies in Nigeria, released on Thursday its financial statement for the first quarter ended March 31, 2016, stating an after-tax profit that exceeded analysts’ expectations.

The company said after-tax profit rose 112 percent to N937.5 million in Q1 2016 compared with N443.1 million in Q1 2015. This surpasses estimates of N500 million compiled by analysts at the investment advisory firm, CardinalStone Partners.

Gross written premium, however, fell below expectations, rising by just 3.5 percent from N7.9 billion in Q1 2015 to N8.2 billion in Q1 2016. Analysts had expected the company's GWP to rise to N9.4 billion in the period under review.

Aiico Insurance said total assets rose 3 percent to N86.2 billion in Q1 2016 compared with N80.1 billion in Q1 2015. Per share earnings rose 119 percent to 13 kobo per share in Q1 2016 compared with 6 kobo per share reported in the previous year.

Aiico Insurance is the second largest insurance company in Nigeria, accounting for 17.77 percent of Nigeria’s total gross written premium of N127.51 billion as at 2014. (Leadway Assurance is the largest with 33.73 percent market share while Axa Mansard is the third largest with 11.35 percent market share, according to figures from the National Insurance Commission).

As at 9.47 GMT on Friday, the company’s stock remained flat at 76 kobo per share.