AIICO Insurance Plc

ABOUT

AIICO Insurance Plc is a leading Nigerian insurance company with over 60 years of tried and trusted service experience. Established in 1963, we have built a strong reputation as the market leader in life insurance, while also maintaining a solid presence in general insurance.

The company, which began as an agency office of American Life Insurance Company (ALICO), was incorporated in Nigeria in 1970 and listed on the Nigerian Stock Exchange in 1990. AIICO has since evolved into a diversified financial services group. Through our wholly owned and affiliated subsidiaries, we also offer health insurance and asset management services, broadening our ability to serve customers across their physical and financial protection needs.

Our product portfolio spans life and general insurance, health cover, annuities for retirement planning, and a range of investment solutions. From safeguarding against unexpected risks to building long-term financial security, we support individuals, families, and businesses at every stage.

AIICO has expanded its footprint over the years through strategic acquisitions, including NFI Insurance and Lamda Insurance in 2007. Our 19% equity stake in Healthcare International further strengthens our role in the health insurance sector.

With a legacy of performance excellence and customer-first values, AIICO remains a trusted name in Nigerian insurance, committed to deepening financial inclusion and delivering sustainable value to all stakeholders.

leadership

Mr. Babatunde Fajemirokun

MD/CEO

Babatunde Fajemirokun is the managing director and chief executive officer of AIICO Insurance Plc, a role he has held since August 14, 2019. He brings over two decades of experience spanning management consulting, insurance, and asset management.

Since assuming the role of CEO, Fajemirokun has led AIICO through a period of significant growth and transformation. Under his leadership, the company’s gross written premium grew from ₦61.3 billion in 2020 to ₦159 billion in 2024, while profit after tax increased from ₦4.9 billion to ₦15.1 billion over the same period. AIICO has consistently ranked among the top two composite insurers in Nigeria by GWP, maintaining leading positions across life and non-life segments. The group’s asset base rose from ₦243 billion in 2020 to ₦416 billion in 2024, while navigating the industry’s transition from IFRS 4 to IFRS 17.

Fajemirokun joined AIICO in 2009 as Divisional Head, Operations & Technology, leading foundational transformation initiatives in business processes and technology during its maiden growth strategy. He subsequently held key executive roles, including chief operating officer (2013–2017) and group chief business officer (2017–2019), driving strategy and execution across underwriting, distribution, and customer operations.

Fajemirokun began his career in 2001 as a visiting lecturer in the Department of Economics & Enterprise at Glasgow Caledonian University, Scotland. He later joined Accenture in Lagos (2003–2007), and Capgemini Consulting UK (2008–2009), advising financial services and public sector clients, particularly in M&A and large-scale transformation programmes.

He currently serves as a Non-Executive Director at Food Concepts Plc and Xerox Nigeria (XHS). Fajemirokun is a Fellow of the Society of Underwriting Professionals (FCII), a Chartered Insurer, and an Associate of the Chartered Insurance Institute of Nigeria (ACIIN). He holds an MBA from the University of Chicago Booth School of Business, an MSc (Distinction) in Business Information Strategy from the University of Strathclyde, and a BA (Hons.) in Business Economics from Glasgow Caledonian University.

ABOUT

key figures and milestones

leadership