…As Q3 2017 gross premium grows by 11.9 %, while PAT declines
AIICO Insurance Plc has sustained liquidity boost of the insurance sector posting sustained high turnover year to date (YTD).
While some insurance stocks have not been able to generate bid, having played on offer over a long period, AIICO, continued to generate high turnover, reassuring shareholders of hidden growth potentials.
For the week ended Friday 3rd November, 2017, AIICO Insurance recorded the highest turnover in insurance sector with 32,921,663 million shares worth N17, 771,393.55 which was transacted by investors in 96 deals, the company’s stock closed trade for the week at N0.54 per share.
The insurers’ turnover for the week, accounted for about 54 per cent of the total sector’s turnover for the week, which stood at 59,763,592 million shares, worth N45, 908,537.66m and traded by investors in 500 deals.
AIICO’s third quarter result for the period ended 30th September, 2017, showed depressed profit and loss lines even as gross premium grew by 11.9 per cent.
The result further showed that loss before tax dimmed by -42.5 per cent to N2, 770 in Q3 2017, from N4,819 in the corresponding period of 2016. Loss after tax closed at -20.3 per cent to N2, 424 from N3,043 in Q3 2016.
Meanwhile, in furtherance of an approval and authorization to that effect granted by its shareholders at the 46th Annual General Meeting held on 5th May 2016 at Federal Palace Hotel, Lagos, AIICO Insurance Plc. (AIICO) said it has opened discussions with an Investor on a Non-Binding basis for Investment in the Company.
It will be recalled that AIICO Insurance resumed writing of Annuity business after short embargo placed on the business against insurance operators by the National Pension Commission (PenCom).
The company said it has resumed PenCom regulated Annuity business in collaboration with its appointed First Pension Custodian (PFC), having obtained the nod of PenCom to recommence the sale of the product nationwide.
This development and other earning opportunities lifted earning potentials of the firm and increased perception and positive market hearsay, triggering sustained high demand for its stocks.
Stories by Bonny Amadi