AIICO Insurance Plc has obtained a new operational licence from the National Insurance Commission (NAICOM), confirming that the company has met the recapitalisation requirements mandated by Nigerian regulators.
The regulatory approval coincides with the insurer’s announcement of a N13.4 billion profit for the second quarter, underscoring its financial stability during the transition period.
2 billion to beat the NAICOM deadline, while SAHCO has targeted expansion into the UAE following a N12 billion pre-tax profit.
The issuance of the fresh licence marks a critical milestone for AIICO (AIICO.LG) as it navigates the broader industry shift toward higher capital adequacy standards.
By securing compliance ahead of or alongside the regulatory deadline, the company positions itself to continue operations without the disruptions that have affected peers still in the process of raising funds.
The development comes as other major players in the Nigerian insurance sector finalize their own capital raises.
Linkage Assurance recently reported raising N16.2 billion to beat the NAICOM deadline, while SAHCO has targeted expansion into the UAE following a N12 billion pre-tax profit.