AIICO Insurance

AIICO Insurance Plc is a Nigerian insurance company headquartered in Lagos, Nigeria. The company started as a subsidiary of the American Life Insurance Company in 1963 and was listed by Nigerian Stock Exchange in 1990.

History

The company was founded in 1963 as a Nigerian agency of the American Life Insurance Company. It became a registered subsidiary in 1970 and was renamed to American International Insurance Company Limited after the Nigerian government acquired 60% stake. It was also listed by the Nigerian Exchange Group in 1990.
According to a 2025 review by Nairametrics, the combined profits of the six major insurance companies in Nigeria: AIICO, NEM Insurance, Custodian, AXA Mansard, Leadway Assurance, and Cornerstone increased from N36 billion in 2019 to about N233 billion in 2024.
The company led a list of 10 leading Nigerian insurance companies according to Nigeria Exchange Group with a total premium of N156.1 billion for the fiscal year of 2024. It rose by 45.54% from 2023 when it recorded N107.3 billion for the fiscal year. The report also shows AIICO had a pre-tax profit of N15.8 billion in 2025.