AIICO INSURANCE : QUARTER 5 FINANCIAL STATEMENT FOR 2023

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

		AIICO INSURANCE PLC
	ANNUAL REPORT FOR THE YEAR ENDED
		31 DECEMBER 2023
Table of contents		Page
Corporate Information		2
Consolidated Results at a Glance - The Group		4
Results at a Glance - The Company		5
Shareholding structure and free float status		6
Directors' Report		7
Report of the Statutory Audit Committee		10
Corporate Governance Report		11
Statement of Directors' Responsibilities in Relation to the Preparation of the Consolidated and Separate Financial	17
Statements
Statement of Corporate Responsibility for the Consolidated and Separate Financial Statements		18
Independent Auditor's Report		19
Material Accounting Policies		27
Consolidated and Separate Statements of Financial Position		63
Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income		64
Consolidated Statement of Changes in Equity - the Group		65
Separate Statement of Changes in Equity - the Company		66
Consolidated and Separate Statements of Cash Flows		67
Segment Information		68
- Segment Statement of Profit or Loss and Other Comprehensive Income		69
- Segment Statement of Financial Position		71
Notes to the Consolidated and Separate Financial Statements		73
Other National Disclosures:
- Valued Added Statement		169
- Five-year Financial Summary - Group		170
- Five-year Financial Summary - Company		172
- Revenue Account of General Business		174
- Revenue Account of Life Business		175

1

AIICO INSURANCE PLC ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Corporate Information
Directors		Mr. Kundan Sainani (Indian)	Chairman
		Mr. Babatunde Fajemirokun	Group MD / CEO
		Mr. Adewale Kadri	Executive Director
		Mr. Samaila Zubairu	Director/Independent
		Mr. Ademola Adebise	Director
		Mrs. Oluwafolakemi Edun (nee Fajemirokun)	Director
		Mr. Olalekan Akinyanmi	Director
		Mr. Raimund Snyders *	Director
		Mr. Rotimi Okpaise **	Director
Key
*		South African by Nationality
**		Appointed effective 23rd February 2023
Company Secretary		Mr. Donald Kanu
		AIICO Insurance Plc AIICO Plaza
		Plot PC 12, Churchgate Street
		Victoria Island, Lagos
Registered Office		AIICO Plaza
		Plot PC 12, Churchgate Street
		Lagos
RC No.		7340
TIN		00401332-0001
Corporate Head Office		AIICO Plaza
		Plot PC 12, Churchgate Street Victoria Island
		Lagos
		Tel: [phone]
		0700AIIContact (0700 2442 6682 28)
		Fax: [phone]
		Website: //www.aiicoplc.com
		E-mail: [e-mail]
Registrar		Coronation Registrars
		09, Amodu Ojikutu Street Off
		Bishop Oluwole Street, Victoria Island
		P.M.B. 12753
		Lagos
Independent Auditor		Ernst & Young
		10th & 13th Floors, UBA House
		57, Marina Road
		Lagos Island
		Lagos
		website: www.ey.com/ng
Bankers		Access Bank Plc
		Ecobank Nigeria Limited
		First Bank of Nigeria Limited
		First City Monument Bank Plc
		Guaranty Trust Bank Limited
		Stanbic IBTC Bank
		Standard Chartered Bank Nigeria Limited
		Union Bank of Nigeria Limited
		United Bank of Africa Plc
		Wema Bank Plc
Actuary	Firm Name:	Zamara Consulting Actuaries Nigeria Limited
	Firm FRCN:	FRC/2019/00000012910
	Life Valuation	Nikhil Dhodia
	FRCN	FRC/2021/PRO/NAS/004/00000024023
	Firm Name:	Zamara Consulting Actuaries Nigeria Limited
	Firm FRCN:	FRC/2019/00000012910
	Non life Valuation	Jay Kosgei
	FRCN	FRC/2021/PRO/NAS/004/00000023786

2

AIICO INSURANCE PLC ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Corporate information (continued)
Reinsurers		Africa Reinsurance Corporation
		Continental Reinsurance Plc
		Swiss Reinsurance
		WAICA Reinsurance
		Nigerian Reinsurance
		Trust Reinsurance
		Zep Reinsurance
		Arig Reinsurance
		Aveni Reinsurance
		NCA Reinsurance
Estate Valuer	Firm Name:	Niyi Fatokun & Co.
	Firm FRCN:	FRC/2019/00000012894
	Partner	Niyi Fatokun
	FRCN	(Chartered Surveyors & Valuer)
		FRC/2013/PRO/NIESV/004/00000001217
Regulatory Authority		National Insurance Commission (NAICOM)

Branch Networks
1. Port Harcourt	2. Kaduna
11 Ezimgbu Link Road (Mummy B Road)	Yaman Phone House
Off Stadium Road	1, Constitution Road
G.R.A Phase 4, Port Harcourt	Kaduna, Kaduna State
Rivers State	Tel: [phone];
Tel: [phone]	[phone]
[phone]
3. Abuja Area Office	4. Kano
No 44 Durban Street,	8, Post Office Road
Off Adetokunbo Ademola Crescent, Wuse II	Kano
FCT, Abuja.	Kano State
Tel: [phone]	Tel: [phone]
[phone]	[phone]
5. Abeokuta	6. Lagos, Ikeja
46, Tinubu Street	AIICO House
Ita Eko, Abeokuta	Plot 2, Oba Akran Avenue
Ogun State	Opp. Dunlop, Ikeja, Lagos
Tel: [phone]	Tel: [phone]
	[phone]
7. Aba	8. Lagos, Isolo
7, Factory Road	203/205, Apapa-Oshodi Expressway
Aba, Abia State	Isolo, Lagos
Tel: [phone]	Tel: [phone]
9. Enugu	10. Lagos, Ilupeju
55-59, Chime Avenue	AIICO House
Gbuja's Plaza New Haven	36/38, Ilupeju Industrial Avenue
Enugu State	Ilupeju, Lagos
Tel: [phone]	Tel: [phone]
	[phone]
11. Benin	12. Onitsha
28, Sakponba Road	Noclink Plaza, 41 New Market Road
Benin City	Opp UBA Bank, Onitsha
Edo State	Anambra State
Tel: [phone]	Tel: [phone]
[phone]	[phone]
13. Jos	14. Owerri
4, Beach Road	46, Wetheral Road
Jos, Plateau State.	Owerri, Imo State
Tel: [phone]	Tel: [phone]
[phone]	[phone]
15. Ibadan	16. Warri
12, Moshood Abiola Way	60, Effurun/Sapele Road
Challenge Area	Warri.
Ibadan, Oyo State	Delta State.
Tel: [phone]	Tel: [phone]
[phone]	[phone]

3

AIICO INSURANCE PLC ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Results at a Glance - The Group
For the year ended 31 December 2023
Profit or Loss and Other Comprehensive Income			Increase /	Increase /
	Restated	(decrease)	(decrease)
In thousands of naira	2023	2022	Changes	%
Gross written premium	110,119,382	88,275,920	21,843,462	25
Insurance revenue	72,633,374	54,817,897	17,815,477	32
Insurance service expense	(65,497,784)	(43,799,903)	(21,697,881)	50
Net reinsurance	(8,753,832)	(10,793,212)	2,039,380	(19)
Insurance service result	(1,618,242)	224,782	(1,843,024)	(820)
Net investment income before fair value changes	32,032,701	22,827,291	9,205,410	40
Net fair value loss	(10,772,433)	(6,036,060)	(4,736,373)	78
Net change in investment contract liabilities	(639,957)	(167,556)	(472,401)	282
Net impairment reversal/(loss)	(165,784)	(170,440)	4,656	(3)
Net foreign exchange income/(expense)	6,422,939	(676,219)	7,099,158	(1050)
Net insurance finance result	(8,722,355)	(7,823,345)	(899,010)	11
Net insurance and investment result	16,536,870	8,178,454	8,358,416	102
Other income	2,760,894	951,040	1,809,853	190
Other expenses	(6,768,625)	(6,431,059)	(337,566)	5
Profit before income tax from continuing operations	12,529,139	2,698,436	9,830,703	364
Income tax expenses	(512,849)	(405,006)	(107,843)	(27)
Discontinued operations	-	2,872,686	(2,872,686)	(100)
Profit for the year	12,016,290	5,166,115	6,850,174	133
Total other comprehensive income/(loss)	1,701,288	(186,978)	1,888,266	(1010)
Total comprehensive income for the year	13,717,578	4,979,137	8,738,441	176
Basic and diluted earnings per share (kobo)	33	14
Financial position			Increase /	Increase /
	Restated	(decrease)	(decrease)
In thousands of naira	31-Dec-23	31-Dec-22	Changes	%
Cash and cash equivalents	18,422,728	15,915,376	2,507,352	16
Financial assets	266,747,074	225,459,912	41,287,162	18
Trade receivables	980,752	866,977	113,775	13
Reinsurance contracts assets	17,116,370	10,690,993	6,425,377	60
Other receivables and prepayments	3,667,351	4,608,478	(941,127)	(20)
Deferred tax assets	-	21,501	(21,501)	(100)
Investment properties	707,500	760,000	(52,500)	(7)
Property and equipment	8,913,645	8,359,520	554,125	7
Statutory deposits	500,000	500,000	-	-
Right of use assets	132,512	60,055	72,458	121
Goodwill and other intangible assets	907,630	928,672	(21,042)	(2)
Total assets	318,095,562	268,171,484	49,924,078	19
Liabilities
Insurance contract liabilities	218,023,682	188,108,267	29,915,414	16
Investment contract liabilities	3,855,324	3,212,895	642,429	20
Reinsurance contract liabilities	930,616	1,301,734	(371,118)	(29)
Other insurance contract liabilities	2,423,168	3,103,704	(680,536)	(22)
Trade payables	1,612,909	2,010,298	(397,389)	(20)
Other payables and accruals	8,332,139	7,764,833	567,307	7
Fixed income liabilities	30,241,800	22,781,598	7,460,202	33
Current income tax payable	845,061	669,543	175,518	26
Deferred tax liabilities	498	7,666	(7,168)	(94)
Total liabilities	266,265,197	228,960,537	37,304,659	16
Equity
Share capital	18,302,638	18,302,638	-	-
Share premium	64,745	64,745	-	-
Revaluation reserve	2,764,016	2,764,016	-	-
Fair value reserve	(1,107,650)	(2,796,624)	1,688,974	(60)
Contingency reserve	11,755,475	9,710,046	2,045,429	21
Retained earnings	19,615,891	10,743,724	8,872,166	83
Shareholders' funds	51,395,114	38,788,545	12,606,569	33
Non-controlling interests	435,252	422,402	12,850	3
Total equity	51,830,366	39,210,947	12,619,419	32
Total liabilities and equity	318,095,562	268,171,484	49,924,078	19

4

AIICO INSURANCE PLC ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Results at a Glance - The Company
For the year ended 31 December 2023
Profit or loss and other comprehensive income			Increase/	Increase/
	Restated	(Decrease)	(Decrease)
In thousands of naira	2023	2022	Changes	%
Insurance revenue
Insurance service expense	(64,847,043)	(42,944,342)	(21,902,701)	51
Net expenses from reinsurance contracts	(8,753,832)	(10,793,212)	2,039,380	(19)
Insurance service result	(1,972,397)	(527,956)	(1,444,440)	274
Net investment income before fair value changes	26,648,443	17,337,655	9,310,788	54
Net fair value loss	(10,772,433)	(6,036,060)	(4,736,373)	78
Net change in investment contract liabilities	(639,957)	(167,556)	(472,401)	282
Net impairment reversal/(loss)	38,115	(71,916)	110,031	(153)
Net foreign exchange income/(expense)	6,322,481	(690,207)	7,012,688	(1016)
Net insurance finance result	(8,702,172)	(7,817,083)	(885,089)	11
Net insurance and investment result	10,922,080	2,026,877	8,895,203	439
Other income	2,641,166	861,045	1,780,121	207
Other expenses	(1,532,079)	(1,094,846)	(437,233)	(40)
Profit before income tax from continuing operations	12,031,167	1,793,076	10,238,091	571
Income tax expenses	(460,112)	(198,370)	(261,742)	100
Discontinued operations	-	2,872,686	(2,872,686)	(100)
Profit for the year	11,571,055	4,467,391	7,103,663	159
Total other comprehensive income	1,808,153	146,339	1,661,815	1136
Total comprehensive income for the year	13,379,208	4,613,730	8,765,478	190
Basic and diluted earnings per share (kobo)	-	-
Financial position			Increase /	Increase /
	Restated	(decrease)	(decrease)
In thousands of naira	31-Dec-23	31-Dec-22	Changes	%
Assets
Cash and cash equivalents	7,921,257	6,521,942	1,399,315	21
Financial assets	243,686,602	208,421,453	35,265,149	17
Trade receivables	909,559	852,113	57,446	7
Reinsurance contracts assets	17,116,370	10,690,993	6,425,377	60
Other receivables and prepayments	2,838,437	4,064,879	(1,226,441)	(30)
Investment in subsidiaries	1,087,317	1,087,317	-	-
Investment properties	707,500	760,000	(52,500)	(7)
Property and equipment	8,708,397	8,064,528	643,868	8
Statutory deposits	500,000	500,000	-	-
Right of use assets	132,512	60,055	72,458	121
Goodwill and other intangible assets	840,555	846,825	(6,270)	(1)
Total assets	284,448,506	241,870,104	42,578,401	18
Liabilities
Insurance contract liabilities	217,701,608	187,778,079	29,923,530	16
Investment contract liabilities	3,855,323	3,212,895	642,429	20
Reinsurance contract liabilities	930,616	1,301,734	(371,118)	(29)
Other insurance contract liabilities	2,423,168	3,103,704	(680,536)	(22)
Trade payables	1,612,909	2,010,297	(397,388)	(20)
Other payables and accruals	7,570,588	6,730,616	839,972	12
Current income tax payable	763,026	422,562	340,464	81
Total liabilities	234,857,238	204,559,886	30,297,352	15
Equity
Share capital	18,302,638	18,302,638	-	-
Share premium	64,745	64,745	-	-
Revaluation reserve	2,764,016	2,764,016	-	-
Fair value reserve	(13,544)	(1,821,697)	1,808,153	(99)
Contingency reserve	11,755,475	9,710,046	2,045,429	21
Retained earnings	16,717,938	8,290,471	8,427,467	102
Shareholders' funds	49,591,268	37,310,218	12,281,050	33
Total liabilities and equity	284,448,506	241,870,104	42,578,402	18

5

AIICO INSURANCE PLC ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Shareholding Structure And Freefloat Status

Company name	AIICO Insurance Plc
Year end	December
Reporting Period	31-Dec-23
Share Price at end of reporting period	N0.76 (31 December 2022: N0.59)
Shareholding Structure/Free Float Status

	31-Dec-23	31-Dec-22
Description	Unit	Percentage	Unit	Percentage
Issued Share Capital***	36,605,276,013	100%	36,605,276,013	100%
Substantial Shareholdings (5% and above)
AIICO Bahamas Limited	15,104,442,427	41.26%	14,804,442,337	40.44%
LeapFrog III Nigeria Insurance Holdings LTD	11,173,946,135	30.53%	11,173,946,135	30.53%
Total Substantial Shareholdings	26,278,388,562	71.79%	25,978,388,472	70.97%
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests
Babatunde Fajemirokun	117,119,739	0.32%	117,119,739	0.32%
Ademola Adebise	49,070	0.00%	49,070	0.00%
Total Directors' Shareholdings	117,168,809	0.32%	117,168,809	0.32%
Total Other Influential Shareholdings	-	0.00%	-	0.00%
Free Float in Units and Percentage	10,209,718,642	27.89%	10,509,718,732	28.71%
Free Float in Value	₦ 7,759,386,167.92	₦ 6,200,734,051.88

Declaration:

AIICO Insurance Plc with a free float percentage of 27.89% as at 31 December 2023, is compliant with The Nigeria Stock Exchange's free float requirements for companies listed on the Main Board.

Mr. Donald Kanu

Company Secretary

FRC/2013/PRO/NBA/004/00000002884

Plot PC 12, Churchgate Street

Victoria Island

Lagos, Nigeria

18-April-24

6

2023

72,633,374

(65,497,784)

7,135,590

(8,753,832)

(1,618,242)

26,877,466

(8,722,355)

(6,934,409)

12,529,138

-

12,016,289

1,701,288

13,717,577

33

Restated 2022

54,817,897

(43,799,903)

11,017,994

(10,793,212)

224,782

15,777,016

(7,823,345)

(6,601,498)

2,698,435

2,872,686

5,166,115

(186,978)

4,979,137

14

Change (%)

32%

50% -35%

-19% -820%70% 11% 5% 364% -100%133% 1010% 176%

Change

17,815,477

(21,697,881)

(3,882,404)

2,039,380

(1,843,024)

11,100,450

(899,010)

(332,910)

9,830,703

(2,872,686)

6,850,174

1,888,266

8,738,441

19

AIICO INSURANCE PLC ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' Report

For the year ended 31 December 2023

The Directors present their annual report on the affairs of AIICO Insurance Plc ("the Company") and the subsidiary companies ("the Group"), together with the audited consolidated and separate financial statements and the Auditor's Report for the year ended 31 December 2023.

Legal form and principal activity:

The Company was established in 1963 by the American Life Insurance Company and was incorporated as a limited liability company on 14 July 1970. It was converted to a Public Liability Company in 1989 and quoted on the Nigerian Exchange (NGX) Group with effect from 3 December 1990. The Company was registered by the Federal Government of Nigeria to provide Insurance services in Life Insurance Business, Non-Life Insurance Business, Deposit Administration and Financial Services to organizations and private individuals.

The Company is registered by the National Insurance Commission ("NAICOM"). It has two subsidiaries namely:

AIICO Multishield Limited

AIICO Multishield Limited was incorporated in 1997 as a Health Management Organization. It commenced operations in the same year with prepaid health plans to cater for the health needs of individuals and corporate organizations. The Company became a full subsidiary of AIICO Insurance Plc on July 1, 2012.

AIICO Capital Limited

AIICO Capital Limited was registered and licensed by the Securities & Exchange Commission in 2012, to carry out portfolio/fund management services. AIICO Capital Limited commenced full operations in 2014 through the provision of bespoke wealth solutions for clients, by adopting a research based approach for every investment decision. AIICO Capital Limited offers portfolio management services, structured investments and mutual funds to suit the investment needs of corporate and individual clients.

Operating results:

The following is a summary of the Group's operating results.

Consolidated Profit or loss and other comprehensive income

In thousands of naira

Insurance revenue

Insurance service expense

Insurance service result before reinsurance contracts held

Net expense from reinsurance contracts held

Insurance service result

Net Investment income

Net insurance finance result

Other Expenses

Profit before tax

Profit from discontinued operations (net of tax)

Profit for the year

Other comprehensive income, net of tax

Total comprehensive income for the year

Basic and diluted earnings per share (kobo)

Dividend

Dividend Paid

At the Company's AGM held on 08 June 2023, the Shareholders declared a dividend of 3 kobo per share (2022: 2 kobo per share) on the year ended 31 December 2022, which was paid subsequently.

Dividend Recommended

The Board of Directors, pursuant to the powers vested in it by the provisions of Section 426 of the Companies and Allied Matters Act (CAMA) of Nigeria 2020, recommended a dividend of 5 kobo per share (2022: 3 kobo per share) for the financial period ended 31 December 2023.

Directors that served during the year and their shareholding

The direct and indirect interest of Directors in the Issued Share Capital of the Company as recorded in the Register of Directors' Shareholding and/or as notified by the Directors for the purposes of sections 301 and 302 of the Companies and Allied Matters Act, 2020 and the listing requirements of the Nigerian Stock Exchange are disclosed as follows:

	Director shares		31 December	31 December
Directors	Indirect Holding	2023	2022
held
		Total Holding	Total Holding
Mr. Kundan Sainani	-	-	-	-
Mr. Babatunde Fajemirokun	117,119,739	-	117,119,739	117,119,739
Mr. Adewale Kadri	-	-	-	-
Mr Ademola Adebise	49,070	-	49,070	49,070
Mr Samaila Zubairu	-	-	-	-
Mrs. Oluwafolakemi Edun	-	-	-	-
Mr. Olalekan Akinyanmi	-	-	-	-
Mr. Raimund Synders (LeapFrog III Nig. Ins. Holdings Ltd. representative)	-	-	-	-
Mr. Rotimi Okpaise	-	-	-	-

Directors' interest in contracts

None of the Directors has notified the Company for the purpose of Section 302 of the Company and Allied Matters Act, 2020 of any disclosable interest in contracts in which the Company was involved during the period ended 31 December 2023.

7

AIICO INSURANCE PLC ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Substantial interest in shares
According to the Register of Members at 31 December 2023, no shareholder held more than 5% of the issued share capital of the Company except as disclosed as follows:
		31 December 2023	31 December 2022
		Number of	%	Number of	%
		Shares held	Shares held
AIICO Bahamas Limited		15,104,442,427	41.26	14,804,442,337	40.44
LeapFrog III Nigeria Insurance Holdings LTD		11,173,946,135	30.53	11,173,946,135	30.53
		26,278,388,562	71.79	25,978,388,472	70.97
Shareholding Analysis
The shareholding pattern of AIICO Insurance PLC as at 31 December 2023 is as stated below:
Holding pattern (range) as at 31 December 2023					% of
		No. of Holders	% of Shareholders	No. of shares	Shareholdings
1	1,000	2,164	2.39	895,184	0.00%
1,001	10,000	19,201	21.20	93,185,405	0.25%
10,001	100,000	59,896	66.13	1,894,762,508	5.18%
100,001	500,000	7,728	8.53	1,403,326,928	3.83%
500,001	1,000,000	776	0.86	539,245,617	1.47%
1,000,001	5,000,000	649	0.72	1,356,681,049	3.71%
5,000,001	10,000,000	75	0.08	514,711,694	1.41%
10,000,001	100,000,000	70	0.08	1,968,110,727	5.38%
100,000,001	500,000,000	12	0.01	3,110,395,136	8.50%
1,000,000,001	5,000,000,000	3	0.00	7,245,775,310	19.79%
5,000,000,001	Above	2	0.00	18,478,186,455	50.48%
		90,576	100	36,605,276,013	100.00%
Holding pattern (range) as at 31 December 2022					% of
		No of Holders	% of Shareholders	No of shares	Shareholdings
1	1,000	2,164	2.39	895,184	0.00%
1,001	10,000	19,201	21.20	93,185,405	0.25%
10,001	100,000	59,896	66.13	1,894,762,508	5.18%
100,001	500,000	7,728	8.53	1,403,326,928	3.83%
500,001	1,000,000	776	0.86	539,245,617	1.47%
1,000,001	5,000,000	649	0.72	1,356,681,049	3.71%
5,000,001	10,000,000	75	0.08	514,711,694	1.41%
10,000,001	100,000,000	70	0.08	1,968,110,727	5.38%
100,000,001	500,000,000	12	0.01	3,110,395,136	8.50%
1,000,000,001	5,000,000,000	3	0.00	7,245,775,310	19.79%
5,000,000,001	Above	2	0.00	18,478,186,455	50.48%
		90,576	100	36,605,276,013	100.00%

Company's distributors

The Company's products are marketed by insurance brokers and agents throughout the country. The Company also employs the direct marketing method to source for insurance business.

Events after reporting date

There were no significant events after the reporting date that would have affected the true and fair view of the Company's state of affairs and disclosures in the financial statements as at that date.

Property and equipment

Changes in property and equipment during the year is shown in Note 16 the financial statements. In the opinion of the directors, the market value of property and equipment is not less than the value indicated in the financial statements.

Acquisition of own shares

The Company did not purchase any of its own shares during the year.

Employment and Employees:

Employees' health, safety and environment

The Company strictly observes all health and safety regulations. The Group maintains business premises designed with a view to guaranteeing the safety and healthy living conditions of its employees and customers alike. Employees are adequately insured against occupational and other hazards. Financial provision is also made for all employees in respect of transportation, housing, medical expenses and meals.

Employment of disabled persons

It is the policy of the Company that there is no discrimination in considering applications for employment including those of physically challenged persons. All employees whether physically challenged or not are given equal opportunities to develop their knowledge and to qualify for promotion in furtherance of their careers.

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AIICO INSURANCE PLC ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Employment and Employees - continued

Employees' Involvement and Training

The Company is committed to keeping employees fully informed as much as possible regarding the Company's performance and growth. Employees opinion are sought, where practicable, on matters which particularly affect them. The Company runs an open door management policy and leverage several communication channels to disseminate information. Management, professional and technical expertise are the Company's major assets and investment in developing such skills is continuous. The Company's expanding skill base is being brought about by a wide range of in-house, open training programme and digital learning. Opportunities for career development within the Company have also been broadened. Incentive schemes designed to meet the circumstances of each individual are implemented wherever appropriate and in line with regulatory requirements and some of these schemes include staff retirement benefit, productivity bonus, promotion and salary review.

Donations

Donations and corporate social responsibility during the year ended 31 December 2023 amounted to ₦39,981,075 (2022: ₦17,937,150 ) as follows:

2023
	In thousands of naira
Description	Amount
Annual AIICO Blood Drive 2023	980
Donation to Action Aid Nigeria	3,226
Breast Cancer Awareness Campaign	6,200
Children's Day Celebrations 2023	1,973
Donation of Mosquito Nets to the International Rescue Committee Nigeria	2,661
Donation to Best Performing Caleb University Students	500
Donation to St Augustine's Comprehensive High School, Oye-Ekiti	5,000
Donation to the Resources Centre for Caleb University Library	4,000
Donation to Ajumoni Senior Secondary School for 2023 Global Money Week	268
IWD 2023 - Sponsorship of Women Technology Programme	4,073
Lagelu Grammar School Perimeter Fence Construction Project	5,000
Marketing Sponsorship for VOICE OF WOMEN EMPOWERMENT FOUNDATION	250
Sponsorship towards the publishing of textbooks for Tertiary institutions (Professional Insurance Ladies Association)	1,350
The Nigerian Actuarial Society for Actuarial Education Projects	4,500
	39,981
2022	In thousands of naira
Description	Amount
Breast Cancer Awareness Support	4,845
Sponsorship of Global Fund for Widows- 14th Annual Gala	2,475
12 Days of AIIxmas	2,000
World Malaria Day Partnership with HACEY	1,945
Donation to LASPARK for Tree Planting	1,500
Half year Pledge Redemption to Action Aid Nigeria	1,394
2nd Half 2021 Pledge to Action Aid Nigeria	1,105
AIICO Revive - A Wellness & Wellbeing Program	750
Donation to JCI Nigeria	500
Annual AIICO Blood Drive	500
Facilitator's Fees for IWD 2022 Visibility Masterclass	323
Sponsorship of Lagos State School Students Excursion to Nigeria Conservation Foundation	315
2022 International Women Day Video production	161
Donation to Oromeruzimgbu Youth Organisation Port Harcourt	100
Donation to Plateau Private School Jos	25
	17,937
No donations were given to any political parties (2022:Nil).

Auditors

Ernst & Young have expressed their willingness to continue in office as the Company's auditor in accordance with Section 401(2) of the Companies and Allied Matters Act 2020.

BY THE ORDER OF THE BOARD OF DIRECTORS

Mr. Donald Kanu

Company Secretary

FRC/2013/PRO/NBA/004/00000002884

Plot PC 12, Churchgate Street

Victoria Island

Lagos, Nigeria

18 April 2024

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