AIICO Insurance PLC- Top50 Brands 2025
AIICO Insurance Plc
Year of Establishment | Founded in 1963, listed on the Nigerian Stock Exchange in 1990 |
Website | |
Headquarters | AIICO Plaza, Plot PC 12, Churchgate Street, Victoria Island, Lagos, Nigeria |
MD / CEO | Babatunde Fajemirokun, Managing Director & CEO since August 14, 2019 |
Number of Branches / Operations | Operates through approximately 25 branches/offices across Nigeria |
Areas of Interest (Business Segments) | Offers Life Insurance, General (Non-Life) Insurance, Health Management (HMOs), Pension (via AIICO Pension Managers), Asset Management, and Deposit Administration |
Countries of Operation | Primarily Nigeria; has subsidiaries including AIICO Multishield, AIICO Capital, AIICO Pension Managers, and stake in Healthcare International (HMOs) |
Annual Turnover / Revenue | – 2023 Gross Written Premium (GWP): ₦110.1 billion- 2023 Insurance Revenue: ₦72.6 billion- 2024 Insurance Revenue: ₦108.2 billion- Annual Revenue (StockAnalysis TTM 2024): ₦123.6 billion |
Profit After Tax | – N12 billion (2023) – up 132.6% YoY – N15.1 billion (2024) – up 24.4% YoY- H1 2025: N11.27 billion (slightly down from H1 2024) |
Number of Staff | 495 employees as of end-2024 (slightly up from 492 in 2023) |
Marketing Budget | Not publicly disclosed |
Contact Address | AIICO Plaza, Plot PC 12, Churchgate Street, Victoria Island, Lagos |
Flagship Product / Offering | Known as a leading composite insurer, delivering life, non-life, health, pension, and asset management services through diversified financial services. Strategic subsidiaries like AIICO Multishield (HMO), AIICO Pension Managers, and AIICO Capital enhance offerings |
Best Known As | A top-tier indigenous insurance group in Nigeria, renowned for its diverse product range, robust growth, and recognized leadership in both life and general insurance sectors |
AIICO Insurance Plc is one of Nigeria’s leading and most trusted insurance companies, known for its comprehensive range of life and non-life insurance products that provide financial security, risk management, and peace of mind to individuals, businesses, and institutions. Founded in 1963 as the American International Insurance Company, AIICO Insurance has consistently delivered innovative and reliable insurance solutions, earning a strong reputation for professionalism, stability, and customer-centricity.
The company’s portfolio spans life insurance, health insurance, general insurance, group life and pensions, and investment-linked products, catering to a wide range of clients, from individuals and SMEs to large corporations. Its flagship products, including AIICO Life Assurance, AIICO Health, AIICO General Insurance, and AIICO Pension Plans.
The company also implements international best practices in risk management, compliance, and corporate governance, reflecting its commitment to operational excellence, transparency, and regulatory compliance. These standards have reinforced public confidence and trust in the AIICO brand.
Economically, AIICO Insurance contributes significantly to employment, financial inclusion, and investment in Nigeria’s capital markets. By mobilizing premiums and investing strategically, the company supports economic growth and provides long-term value for shareholders. Its group life and pension solutions are particularly impactful, helping organizations secure employee benefits and supporting retirement planning for thousands of Nigerians.
AIICO Insurance is also committed to corporate social responsibility (CSR) and community development, focusing on education, health, youth empowerment, and financial literacy initiatives. Its outreach programs, scholarships, and community health campaigns have positively affected numerous Nigerian communities, aligning its business operations with societal development goals.
Over the years, AIICO Insurance has received multiple awards and recognitions, including accolades for Best Life Insurance Provider, Customer Service Excellence, and Corporate Governance Leadership. These honors highlight the company’s sustained commitment to innovation, service quality, and market leadership.
Through its extensive insurance solutions, commitment to operational excellence, and focus on community empowerment, AIICO Insurance Plc remains not just a leading insurance provider but a key driver of financial security, economic growth, and sustainable development in Nigeria.
