• AIICO Insurance records 86% increase in PAT in Q4 19
FBN Holdings Plc in its newly released full-year 2019 unaudited financial report showed slight improvements across major indicators.
The company’s interest income grew by 1.4% to N440.6 billion during the twelve-month period, up from N434.4 billion during the comparable period in 2018. Net interest income for the period also increased to N286.4 billion, up from N284.1 billion in FY 2018.
The company’s profit before tax in FY 2019 stood at N73.6 billion. This marked a 12.8% increase compared to N65.3 billion in FY 2018.
In the same vein, the group’s FY 2019 profit after tax increased by 3.8% to N61.9 billion, N56.7 billion during the preceding financial year.
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Similarly, leading insurance company AIICO Insurance Plc also posted generally positive performance.
AIICO Insurance’s Gross Premium Written in Q4 2019 increased by some N12.5 billion to N50.1 billion, up from N37.7 billion. This is indicative of a 33% increase while Gross Premium Income increased by 35% to 50 billion, up from N37 billion.
Net premium income for the period was N43.8 billion as against N31.9 billion during the comparable period in 2018. This indicates a 37% increase.
Claims expenses for the period stood at N25.3 billion. This is slightly (6%) more than N23.9 billion which the company paid out during the same period in 2018.
Profit before tax for the period was N6.1 billion as against N3.5 billion in Q4 2018, thereby indicating a 76% increase.