AIICO INSURANCE PLC

InsuranceLagos, Nigeria1001-5000 Employees

Established in 1963, AIICO Insurance Plc is an insurance, pensions management, and asset management Group in Nigeria with market-leading positions in its key business lines:

1. Life assurance and annuity
2. General insurance and special risks
3. Pension management
4. Health insurance and
5. Asset management  

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 Pension products and 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 later listed on the Nigerian Stock Exchange in 1990, after which both shareholders divested.

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.

To take advantage of the opportunities presented by the Pension Reform Act of 2004, AIICO Pension Managers Limited (“APML”) was incorporated in February 2005 and licensed in April 2006 as a Pension Fund Administrator (“PFA”) by the National Pension Commission (“PenCom”), and commenced operations in May 2006.

AIICO also owns valuable financial and strategic assets including a controlling stake in AIICO Multishield Limited and a 19% stake in Healthcare International Limited (both healthcare management organisations (HMOs), and AIICO Capital Limited (an asset management wholly-owned subsidiary).

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