AIICO Insurance
Established in 1963, AIICO Insurance Plc (NSE Ticker: “AIICO”) is a financial services group with market-leading positions in its key business lines; Insurance, Health Maintenance and Asset Management. Life assurance and annuity
General insurance and special risks
Health insurance and
Asset management
Background
AIICO commenced operations in Nigeria in 1963 as an Agency office of
American Life Insurance Company (“ALICO”) – at the time, a subsidiary of American International Group (“AIG”). The Company was incorporated, registered and licensed in Nigeria as American Life Insurance Company Limited – as a wholly-owned subsidiary of ALICO/AIG – in 1970 – to offer Life and insurance services. The Company was renamed American International Insurance Company Limited (“AIICO”) upon the acquisition of a 60% stake by the Federal Government of Nigeria, and later listed on the Nigerian Stock Exchange in 1990, after which both shareholders – the Federal Government of Nigeria and AIG divested. Life and general insurance are strategic business divisions within AIICO
AIICO Capital Limited – a subsidiary of AIICO providing asset management services for AIICO and 3rd parties
AIICO Multishield Limited – a leading health maintenance organisation
Following the insurance industry's consolidation in 2007, the Company 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 re-certified as both 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. Our Goal
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. AIICO is the market leader in Retail 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 our leading insurance asset management and health management businesses. AIICO also owns valuable financial and strategic assets including a controlling stake in Multishield Limited, and a 19% stake in Healthcare International Limited (both healthcare management organizations (“HMOs”)), and AIICO Capital Limited (an asset management wholly-owned subsidiary).
