…As AIICO restates commitment


AIICO Insurance Plc has promised to continue to pursue its commitment to deepening insurance penetration, education and awareness in the country.

The company made this pledge recently in Lagos during a meeting with the new executives of the National Association of Insurance and Pension Correspondents (NAIPCO). The Divisional Head, Shared Services, AIICO, Olusanjo Shodimu, said the company has always been at the fore-front of insurance awareness to ensure rapid growth in the sale of insurance policies, promising to continue to work with NAIPCO to propagate the message of insurance. 

Sodium, who represented the managing director/CEO, Babatunde Fajemirokun, said operators in the insurance industry have stepped up their claims-paying ability, adding that, hundreds of billions of naira were paid as claims on an annual basis in the last few years, with AIICO being one of the leading underwriters in the area of prompt claims payment.

Speaking on the recapitalisation plans he said, the company, known for its integrity, previously had International Finance Corporation (IFC) as its investors and now, Leapfrog Investment as its major investor, adding that, the insurer is in the right financial situation to recapitalise before the stipulated recapitalisation deadlines of December, 2020 and September, 2021 respectively.

LeapFrog Nigeria Insurance Holdings Limited, he said, had previously acquired 28.24 per cent stake in the company, while AIICO Bahamas Nigeria Limited now holds 10.59 per cent stake in the firm, a development that saw its capital rise from N6.1 billion to N11.3 billion currently. 

Similarly, he revealed the insurer has launched its N3.5 billion rights issue, which opened on Wednesday, September 2, 2020 and will run through to Wednesday, October 7, 2020, urging shareholders to subscribe to the offers.  He equally promised that AIICO, known for its efficient service delivery, will continue to improve through adoption of the right Information Technology (IT) to give customers the best insurance experience. 

Speaking also, the Head, Strategic Marketing & Communications Department, AIICO, Segun Olalandu, assured that the company will sustain its drives in the area of information dissemination to its investing public, through publicising its claims, improves publicity on its products and services as well as its Corporate Social Responsibility (CSR), to continue to give back to the society. 

AIICO, he said, cannot do this alone, without the support of insurance correspondents as a worthy partner, pledging to always support NAIPCO whenever its service is needed. 

Source: THE SUN

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