2022 BSM Index
TOP 50 BRANDS NIGERIA® 2022
| #53 | AIICO Insurance Plc. |
|---|---|
| BSM Index | 53 |
| YoY | +5 |
| 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 | 559 |
| Marketing Budget | – |
American International Insurance Company (AIICO Insurance Plc) is a Nigeria-based insurance company, which is engaged in providing financial services in life insurance business, non-life insurance business, deposit administration and financial services to organizations and private individuals.
It was established in 1963, as an insurance, health maintenance, and asset management Group in Nigeria with market-leading positions in its key business lines.
Today, AIICO is a market leader in the life insurance and retirement services and is a market leader (top 3) in Non-Life insurance in Nigeria. The core insurance franchise is complemented by its leading insurance asset management, pension, and health management businesses. Overall, AIICO is currently the 2nd largest insurance company in Nigeria (by gross premiums).
AIICO was incorporated, registered and licensed in Nigeria as American Life Insurance Company Limited as a wholly-owned subsidiary of ALICO/AIG in 1970 that offered Life and Pension products as well as Insurance services. It was later renamed American International Insurance Company Limited (AIICO) upon the acquisition of a 60% stake by the Federal Government of Nigeria and subsequently listed on the Nigerian Stock Exchange in 1990.
Following the consolidation of the insurance industry in 2007, AIICO acquired NFI Insurance Plc. and Lamda Insurance Company Limited (both cumulatively accounting for less than 30% of AIICO’s pre-acquisition gross premiums). The Company subsequently recertified as a General Insurance and Life Assurance Company, taking advantage of its legacy, brand, franchise and strong retail distribution network to grow a leading General Insurance business.
AIICO owns valuable financial and strategic assets; these include a controlling stake in AIICO Multishield Limited and a 19% stake in Healthcare International Limited; both are Healthcare Management Organizations (HMOs). AIICO Capital Limited, an asset management company is a wholly-owned subsidiary.
Over the years, it has remained dedicated to developing its people, strengthening its operational efficiency, and building trusting relationships with its clients and partners.
As an insurance company, AIICO’s goal is to be the insurer of choice and the leading insurance company in Nigeria – providing life insurance and retirement services as well as risk underwriting to a substantial and diversified client base, which includes corporations, financial institutions, governments and individuals in Nigeria.
