AIICO Insurance Plc has received a new operational licence from the National Insurance Commission, confirming its full compliance with the recapitalisation requirements introduced under the Nigerian Insurance Industry Reform Act 2025.
The development, announced in a public notice dated August 2, 2026, by NAICOM following the conclusion of the 12-month sector-wide recapitalisation exercise, listed AIICO among a select group of insurers certified to maintain full composite status across both life and general business lines.
In a statement on Wednesday, the insurer highlighted that it did not require additional equity raising to meet the new regulatory threshold, having maintained a capital base above the revised minimum prior to the exercise.
The licensing milestone coincided with the company’s second-quarter 2026 financial results, which showed growth across key operational parameters.
Insurance revenue for the period rose by 14.5 per cent to N74.9bn from N65.4bn recorded in Q2 2025, driven by a gross written premium of N104bn.
Profit after tax expanded by 18.9 per cent to N13.4bn compared to N11.3bn in the corresponding period of the prior year.
Similarly, the company’s balance sheet reflected increased capacity, with total assets rising by 13.2 per cent to N661bn from N584bn reported at full-year 2025.
Speaking on the regulatory endorsement and earnings performance, the Managing Director/Chief Executive Officer of AIICO Insurance Plc, Babatunde Fajemirokun, said the development reflected sound corporate governance and operational execution.
He said, “This milestone reflects our unwavering commitment to regulatory compliance, financial strength, sound corporate governance, and the long-term sustainability of our business.
“More importantly, it reinforces our capacity to underwrite risks of greater scale, honour claims and obligations promptly, and continue protecting what matters most to our customers with confidence.”
The recapitalisation exercise administered by the National Insurance Commission represents a major structural shift aimed at strengthening solvency, expanding domestic risk retention capacity, and driving consolidation within Nigeria’s financial services landscape.
Signed into law on July 31, 2025, the Nigerian Insurance Industry Reform Act (NIIRA) 2025 established a 12-month compliance window, ending July 30, 2026, for operators to meet significantly higher Minimum Capital Requirements (MCR) alongside a comprehensive Risk-Based Capital (RBC) framework.
Under these revised mandates, single-line Life insurers saw their capital thresholds raised to N10 billion, General insurers were elevated to N15 billion, and composite operators handling both divisions were required to reach N25 billion, effectively setting a robust balance-sheet standard across the entire sector.