AIICO Insurance Plc, a major player in Nigeria’s insurance sector has released its annual report for the year ended 31 December 2021with 6% decline in profit for the year to N4.916 billion from N5.250 billion in 2020.

Gross premium written rose by 16% to N71.646 billion from N 61.980 billion in 2020.

According to the report, the Company, at its 30 November 2021 AGM declared a bonus of 12 new shares for every 9 shares in issue with a qualification date of 23 November 2021.

However, the bonus shares were not credited to shareholders until 1 February 2022 by CSCS, even though the Company’s share price was devalued to accommodate the new shares on the Nigeria Stock Exchange on 24 November 2021.

Hence, the Company had used the total number of shares held by Shareholders before the Bonus Issued for this analysis, while the Company disclosed the total number of shares, after Bonus issue on its Statement of Financial Position.