AIICO Insurance Secures NAICOM License, Reports N13.4bn Profit

AIICO Insurance Plc received a new operational license from the National Insurance Commission (NAICOM) on August 2, 2026, confirming its compliance with the recapitalisation requirements of the Nigerian Insurance Industry Reform Act 2025. This announcement followed a 12-month sector-wide recapitalisation exercise, listing AIICO among insurers maintaining full composite status across life and general business lines.

The company reported a profit after tax of N13.4bn for Q2 2026, an 18.9% increase from N11.3bn in Q2 2025. Insurance revenue rose by 14.5% to N74.9bn, driven by a gross written premium of N104bn.

Total assets increased by 13.2% to N661bn from N584bn at the end of 2025. Babatunde Fajemirokun, Managing Director/CEO of AIICO, stated that the licensing milestone reflects the company's commitment to regulatory compliance and financial strength.

The recapitalisation exercise, part of the Nigerian Insurance Industry Reform Act, aimed to strengthen solvency and expand domestic risk retention capacity.