He is one of the big players in the Insurance industry today. Just mention his name among other insurance players and you will be told more about the man who runs one of Nigeria’s biggest insurance companies. That AIICO Insurance is a success story is no longer news. It is all attributed to the dynamism of Edwin Igbiti, the current Managing Director/CEO of AIIO Insurance Plc. Prior to joining AIICO Insurance, he had served and gained vast experience in Insurance from Phoenix Insurance Company, where he worked for several years. He is a seasoned professional with an inestimable depth and wealth of technical experience that is acknowledged across the industry.He has managed relationships between the company and several international partners and affiliates and is a solution proffering, team-spirited leader with excellent inter-personal skills. Igbiti holds an MBA from the University of Ado-Ekiti (2005) and an Advanced Diploma in Management from the University of Lagos. He is a certified Insurance practitioner with the Chartered Insurance Institute of London and a Fellow of the Chartered Insurance Institute of Nigeria. Aside from being professionally affiliated to the Nigerian Institute of Management, Chartered (NIMC), he is also a certified Business Continuity Systems Lead Auditor from the British Institute, UK and an alumnus of the Howard University Business School, U.S.A. He currently seats on the Governing Council of the Chartered Insurance Institute of Nigeria (CIIN).
Igbiti has been Chief Executive Officer and Group Managing Director at AIICO Insurance Plc since September 24, 2014. He served as General Manager of Non-Life Technical Operations at AIICO Insurance Plc. He started his insurance career in Phoenix of Nigeria Assurance Plc as an underwriting trainee. He joined AIICO Insurance Plc as a Deputy Manager in the Underwriting Division and served as its Deputy General Manager of General Insurance. He served as Director of AIICO Insurance Plc. He is an Associate of both the Chartered Insurance Institute of London (ACII) and the Nigerian Institute of Management (Chartered) (AMNIM). He has also attended several national and international courses on Risk Management, Reinsurance and Claims Administration. Igbiti holds an Advance Diploma in Management from University of Lagos and an MBA from University of Ado Ekiti. 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
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 Pension products 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. 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.
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 underwriter to a substantial and diversified client base, which includes corporations, financial institutions, governments and individuals in Nigeria. AIICO is the market leader in the 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 its leading insurance asset management, pension, and health management businesses. Overall, AIICO is currently the 2nd largest insurance company in Nigeria (by gross premiums). 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 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).
AIICO currently has an authorized share capital of N5 Billion and total Assets in excess of N42.1 Billion. The company also prides itself as a leading Insurance company with capacity to underwrite all classes of insurance business. In addition, AIICO currently leverages technical partnership arrangement with the world’s largestInsurance conglomerate, America International Group (AIG) now known as Chartis Insurance and Zurich Insurance Services. AIICO’s business has experienced significant growth in the past few years and the scope of its activities has also expanded greatly. AIICO is currently investing in skill, technological and quality advancements in its business as well as in communications, to inform those who need to know about what it is doing.
In 2013, it celebrated its Golden Jubilee and in the same year, became the first insurance company in Africa to be ISD 22301: 2012 Certified by the British Standard Institution.
AIICO Plc is the largest Life Insurance Company and the second largest Insurance Company in Nigeria with agency network and branches in Nigeria covering eighteen states.
AIICO’S BUSINESS IS STRUCTURED INTO 2 HIGHLY SPECIALIZED DIVISIONS:
- LIFE
The Life Division offers a wide range of Life products in order to cater to the changing needs of our individual clients. These products include – Annuity Plan, Funeral Insurance Plan, Group Life Assurance, Individual Life etc. Also there are several investment plans that are tied to some of our Life products e.g. Education Plan, Cash Accumulation Plan and many more.
- NON LIFE
This area of its business specializes in the provision of Insurance products that offer both corporate and individual clients comprehensive protection against potential losses, damages and liability claims. Products here are intended to offer a replacement to losses incurred. These include products to protect homes, money, vehicles, and so on, against a wide variety of risks and special perils and travel.
MILESTONES
According to the management the following milestones testify to the company’s pedigree, tenacity, market leadership and impact: 1970: In 1970, with 7 years of solid business accomplishments behind us, we became known as AllCO, 1989: 26 years after we began operations, All COwent public and became a PLC, 1990: We were listed on the NSE 2007: Recognition came our way as we won the NSE President Merit Award, 2013: In our 50th year (2013), we bagged the Business Continuity Management System (BCMS) ISO ( 22301 :2012 from the British Standards Institution; the first Insurance Company to be so certified in Africa. This certification ensures that service delivery to customers is not in any way compromised the event of any disruption no matter the magnitude.
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