2023 BSM Index
TOP 50 BRANDS NIGERIA® 2023
| #42 | AIICO Insurance Plc. |
|---|---|
| BSM Index | 52 |
| YoY | +1 |
| 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 frontline insurance company based in Nigeria, offering a wide range of financial services in the fields of life insurance, non-life insurance, deposit administration, and financial services to both organizations and private individuals.
Established in 1963, AIICO Insurance Plc has grown into a comprehensive insurance, health maintenance, and asset management group in Nigeria, holding strong positions in its key business segments. It has emerged as a market leader in life insurance and retirement services, as well as one of the top three players in the non-life insurance sector within Nigeria.
Originally founded as American Life Insurance Company Limited, AIICO was a wholly-owned subsidiary of ALICO/AIG. In 1970, it provided life and pension products alongside insurance services. Following a 60% stake acquisition by the Federal Government of Nigeria, the company was renamed American International Insurance Company Limited (AIICO) and became listed on the Nigerian Stock Exchange in 1990.
In 2007, during the insurance industry consolidation, AIICO acquired NFI Insurance Plc and Lamda Insurance Company Limited. This move further solidified its position, leading to the recertification of AIICO as both a General Insurance and Life Assurance Company. The company leveraged its legacy, brand reputation, and robust retail distribution network to establish a strong presence in the general insurance sector.
AIICO holds strategic assets, including a controlling stake in AIICO Multishield Limited and a 19% stake in Healthcare International Limited, both of which are Healthcare Management Organizations (HMOs). Additionally, AIICO Capital Limited, a wholly-owned subsidiary, operates as an asset management company.
Throughout its journey, AIICO has remained committed to employee development, operational efficiency, and fostering trust-based relationships with clients and partners. Its vision is to become the preferred insurer and the leading insurance company in Nigeria, offering life insurance, retirement services, and risk underwriting to a diverse client base encompassing corporations, financial institutions, governments, and individuals across the nation.
