The company made the declaration during its 45th Annual General Meeting held in Ijebu Ode, Ogun State, south-west Nigeria, AIICO reviewed its 2014 Fiscal Annual Report and Financial Statements, where effort were intensified towards ensuring quick service delivery and profit on investment for its shareholders..
The General Managing Director and Chief Executive Officer of AIICO, Edwin Igbiti, explained that no dividend was declared by the company for the 2014 financial year.
He stressed further that AIICO was able to grow shareholders’ funds by 11% from 10.3 billion Naira in 2013 to 11.5 billion Naira in 2014, retaining earnings of 275 million Naira from negative retained earnings of One billion Naira in 2013.
Some of the shareholders, Sunny Nwosu, and Okesia Boniface, shared their expectations for the insurance company.
They noted that it had become the indisputable leader in all markets in its key business lines in life assurance and annuity, general insurance and special risks, pension management, asset management amongst other services.
The shareholders also commended the management of the insurance company for improving the financial strength despite the challenges in the operating environment in the 2014 financial year.
The Chairman of AIICO, Mr Oladele Fajemirokun, however, promised that the company would sustain the momentum for profits and market leadership, by becoming a truly world class financial services group and economic powerhouse.
The meeting also adopted the re-election of directors and the reappointment of three members of the audit committee.
The event was rounded off with a birthday song for the Chairman of the company who clocked 65 years.