AIICO Insurance bags four Pearl Awards, Appoints Adewale Kadiri ED
AIICO Insurance Plc. has won four of the prestigious award of the Performance, Earnings and Returns Leadership (PEARL) Awards at its award ceremony held yesterday at Eko Hotel.
The company emerged winner in two categories of the awards, the Sectoral Leadership Awards and the Market Excellence Awards. The company completed list is as follows:
Sectoral Leadership Award in Financial Services – Insurance Sector.
Market Excellence Award for Highest Earnings Yield
Market Excellence Award for Highest Return on Equity
Market Excellence Award for Highest Dividend Cover
Additionally, AIICO was shortlisted for the overall highest Award.
The PEARL an organization that is endorsed by the Securities and Exchange Commission. (SEC).
Briefing the journalists today at the firm’s 4th quarter media parley in Lagos, the Managing Director/CEO AIICO Insurance Plc, Mr Edwin Igbiti disclosed that the board and directors of AIICO has appointed Mr. Adewale Kadri as Executive Director, Technical following a successful assessment.
The new appointment, which is subject to approval by the National Insurance Commission (NAICOM) took effect November 1st, 2017.
Until his appointment, Kadiri, with over 23 years insurance experience was the GM, Non-Life Business.
In this new position, he will continue to oversee the Non-Life business while strategically pursuing the growth of its business.
Speaking on the firm’s financial performance in third quarter of the year, Igbiti, who was represented by the firm’s Executive Director and Chief Finance Officer, Tunde Fajemirokun stated, ” In 2017, gross premiums earned in the life business reduced 25% to N10 billion from N13.3 billion in 2016 despite the 5% growth in premiums.
The benefits in our life business, which make up 76% of total claims recorded in 2016 grew 44% compared to 2016.
This is because our life business is much larger today than it was in 2016.
The timing of these benefits payments is largely predetermined based on the contract with our policy holders. This is another area where life and general insurance diverge – in non-life, the timing of these cash flows are uncertain. The importance of investments to our life business operations thus becomes apparent – we must invest the premiums efficiently to make sure we can meet our obligations”, he assured.