Follow Us on Google
AIICO Insurance Plc said it has received shareholders’ approval to increase its authorised share capital to N20 billion from N18 billion by the creation of additional 4 billion ordinary shares of 50 kobo each.
The shareholders, who gave this approval at the company’s 50th Annual General Meeting (AGM) held virtually in Lagos recently, also gave their nod for the declaration of one bonus share for every eight ordinary shares held by existing shareholders of the company as at December 28, 2020 payable from retained earnings and one bonus share for every five ordinary shares held by existing shareholders of the company as at December 28, 2020 payable from share premium.
Speaking at the event, the Chairman, AIICO, Kundan Sainani, expressed his gratitude for the immense support which the company has received from its shareholders. He assured them of the Board’s commitment to continue to steer the affairs of the company on the path of continuous and sustainable progress, irrespective of daunting macro-economic challenges.
Other News
On his part, the Managing Director and Chief Executive Officer, Babatunde Fajemirokun, shed light on the satisfactory progress which the company has made in its recapitalisation journey, having surpassed the December 2020 expectations of the National Insurance Commission (NAICOM); the regulator.
“There are no doubts that we have made some giant strides along this path. Beyond just meeting the requirements, we have seen the potentials and value this exercise brings and have positioned ourselves to take full advantage for value creation, both in the short and long term. AIICO will emerge stronger and with greater capacity to underwrite more risks”, he said.
AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back to over 50 years. AIICO provides life and health insurance, general insurance and investment management services as a means to create and protect wealth for individuals, families and corporate customers.
