Aiico secures new NAICOM licence and posts strong Q2 profit
AIICO Insurance Plc has obtained a fresh operational licence from the National Insurance Commission, confirming its compliance with the Nigerian Insurance Industry Reform Act 2025. The announcement, made in a public notice dated August 2, 2026, follows the conclusion of a 12-month recapitalisation exercise. AIICO reported growth in its second-quarter 2026 financial results, including higher profit and assets. Babatunde Fajemirokun, the Managing Director/CEO, highlighted the company’s commitment to regulatory compliance and financial strength.
TLDR
- The National Insurance Commission listed AIICO among insurers certified for full composite status in a notice dated August 2, 2026.
- AIICO did not need to raise extra equity, as it already met the revised minimum capital before the recapitalisation exercise.
- Insurance revenue rose to N74.9bn in Q2 2026, up from N65.4bn in Q2 2025, with profit after tax increasing to N13.4bn from N11.3bn.
- The Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on July 31, 2025, set a 12-month compliance window ending July 30, 2026 for new capital requirements.
- Babatunde Fajemirokun said the licence reflects AIICO’s strong governance, regulatory compliance, and ability to underwrite larger risks.
