AIICO Insurance

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. 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. 1. Life and general insurance are strategic business divisions within AIICO. 2. AIICO Capital Limited – a subsidiary of AIICO providing asset management services for AIICO and 3rd parties. 3. 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.