Nigeria AIICO Insurance fails to meet NSE deadline on audited financial statement

Aiico Insurance, a leading insurance company in Nigeria, announced Thursday that it would not be meeting the deadline set by the Nigerian Stock Exchange to file its audited financial statement for FY2017 due to limited information available to them and some delays from conclusions.

The company, in a statement released on the Nigerian Stock Exchange (NSe), explained that “AIICO Insurance has three subsidiaries and the audit exercise for the group has been done and sent to the regulators – National Insurance Commission (NAICOM)”.

He additionally stated that they were optimistic that the regulators will conclude the review of their accounts not later than April 2018; after which the accounts will be rightfully filed.

In FY2016, the company paid a dividend of 2kobo per share as it recorded a gross premium income of N21.4 billion and a profit before tax (PBT) of N11.8 billion, which was a massive leap from the N1.2 billion recorded in 2015.