2024 BSM Index
TOP 50 BRANDS NIGERIA® 2024
| #40 | AIICO Insurance Plc. |
|---|---|
| BSM Index | 47.6 |
| YoY | +2 |
| CEO | Babatunde Fajemirokun |
| Year Founded (in Nigeria) | 1963 |
| Website | www.aiicoplc.com |
| Head Office | Plot PC 12, Churchgate Street V.I Lagos |
| Nationality | NG |
| Customer Base | – |
| Number of Branches | 25 |
| Annual Turnover | – |
| Employees | – |
| Marketing Budget | – |
American International Insurance Company (AIICO Insurance Plc):
AIICO Insurance Plc, established in 1963 is top rated in the Nigeria’s insurance industry, offering an extensive range of financial services including life insurance, non-life insurance, deposit administration, and asset management. Over the decades, brand has evolved into a comprehensive insurance, health maintenance, and asset management group, holding strong positions in its key business segments.
Originally founded as American Life Insurance Company Limited, AIICO began as a wholly-owned subsidiary of ALICO/AIG. In 1970, the company broadened its services to include life and pension products, marking its entry into the broader financial services sector. A significant milestone in AIICO’s history was the 60% stake acquisition by the Federal Government of Nigeria, which led to its renaming as American International Insurance Company Limited (AIICO) and its eventual listing on the Nigerian Stock Exchange in 1990.
AIICO’s growth was further solidified during the 2007 consolidation of the Nigerian insurance industry. The acquisition of NFI Insurance Plc and Lamda Insurance Company Limited bolstered the brand’s market presence, allowing it to establish a robust foothold in both general insurance and life assurance sectors. The company has leveraged its strong legacy, reputable brand, and expansive retail distribution network to maintain its leadership position in the industry.
Today, the brand holds strategic assets, including a controlling stake in AIICO Multishield Limited and a significant 19% stake in Healthcare International Limited—both prominent Healthcare Management Organizations (HMOs). Additionally, AIICO Capital Limited, a wholly-owned subsidiary, operates as a key player in asset management, further diversifying the company’s portfolio.
AIICO’s commitment to excellence is reflected in its continuous focus on employee development, operational efficiency, and building trust-based relationships with clients and partners. The company’s vision is to be the preferred insurer and a leading insurance provider in Nigeria, offering comprehensive life insurance, retirement services, and risk underwriting to a diverse clientele that includes corporations, financial institutions, governments, and individuals.
As AIICO Insurance Plc continues to innovate and expand, it remains a pivotal player in Nigeria’s financial services sector, consistently adapting to meet the evolving needs of its customers and maintaining its reputation as a market leader.
