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AIICO Insurance Plc, one of the largest insurance companies in Nigeria, said its pre-tax profit fell 45 percent year-on-year in 2015. The company released its 2015 audited report and financial statements at the Nigerian Stock Exchange on Monday.

AIICO Insurance said its gross premiums written declined 3 percent to N32.92 billion in 2015, compared to N33.65 billion in 2014. Net premium income also dropped 58 percent to N6.75 billion last year, compared to N16.22 billion reported in the previous year.
 
Consequently, the company’s pre-tax profit declined to N1.79 billion last year, against N3.28 billion reported in 2014. Total revenues fell 3 percent to N21.32 billion in 2015 compared to N21.99 billion in 2014.   

For the full year ended on December 31, 2015, AIICO Insurance said basic earnings per share fell 44 percent to 17.6 kobo per share, compared to 31.38 kobo per share in the previous year. The company has proposed a dividend of 5 kobo per share for the period under review.

Founded in 1963, AIICO Insurance is the second largest insurance company in Nigeria, with 17.77 percent market share (Leadway Assurance is the largest with 33.73 percent market share). As of 2014, the total gross premiums in Nigeria’s insurance industry stood at N127.51 billion, according to figures published by the National Insurance Commission.

AIICO Insurance’s stock dropped 4.76 percent to 80 kobo per share at the close of trading on the NSE on Wednesday.