Recapitalisation: AIICO secures fresh NAICOM license, reports N13.4bn Q2 profit

AIICO Insurance Plc has successfully obtained a new operational license from the National Insurance Commission (NAICOM), signifying its full compliance with the recapitalization mandates under the Nigerian Insurance Industry Reform Act 2025. This development, announced by NAICOM on August 2, 2026, places AIICO among insurers certified to maintain composite status across both life and general business lines.

Notably, AIICO did not require additional equity fundraising to meet the new regulatory threshold. The company had consistently maintained its capital base above the revised minimum requirements prior to the sector-wide recapitalization exercise. This financial stability is reflected in its second-quarter 2026 financial results, which demonstrate growth across key operational metrics.

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This milestone reflects our unwavering commitment to regulatory compliance, financial strength, sound corporate governance, and the long-term sustainability of our business.

AIICO reported a 14.5 percent increase in insurance revenue for the period, reaching N74.9 billion from N65.4 billion in Q2 2025, driven by gross written premiums of N104 billion. Profit after tax expanded by 18.9 percent to N13.4 billion, up from N11.3 billion in the same period last year. The company's total assets also saw a 13.2 percent rise, reaching N661 billion compared to N584 billion at the end of 2025.

Babatunde Fajemirokun, Managing Director/Chief Executive Officer of AIICO Insurance Plc, stated that the regulatory endorsement and strong earnings performance underscore the company's sound corporate governance and operational execution. He emphasized that the milestone reinforces AIICO's capacity to underwrite larger risks, honor claims promptly, and confidently protect its customers' interests. The recapitalization exercise, mandated by the Nigerian Insurance Industry Reform Act 2025, aims to strengthen solvency and risk retention within Nigeria's financial services sector.

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More importantly, it reinforces our capacity to underwrite risks of greater scale, honour claims and obligations promptly, and continue protecting what matters most to our customers with confidence.