Lagos, Nigeria. February 4, 2015 – IFC,
a member of the World Bank Group, announced an agreement to provide a $20
million convertible loan to AIICO Insurance Plc, to support its expansion
activities across Nigeria. The expansion of insurance services help increase
economic security, and creates the development of new asset pools that
can be invested in other ways to support economic development, including
job creation. The transaction was signed today at AIICO Corporate head
office in Lagos.
AIICO Plc will use the loan facility to increase
its agency network and retail centers and increase its reach and footprint
across the country. The facility will also enable AIICO further strengthen
its information technology platform to achieve greater efficiency in claims
processing and customer services.
“AIICO Insurance Plc offers life and non-life
insurance products to individuals, households, and businesses with a focus
on value creation” said Edwin Igbiti, Managing Director, AIICO Insurance
Plc. “Partnering with IFC will help AIICO expand its activities further
to meet the needs of the consumers who require more options. It will improve
AIICO’s operational efficiency and strengthen the economic security and
prosperity in Nigeria.”
IFC’s global insurance strategy aims to
increase the penetration of insurance in underserved markets, promoting
diverse products and developing long-term partnerships with institutions
that can help expand its developmental goals.
Eme Essien Lore, IFC Country Manager for
Nigeria said, “Availability of insurance coverage is an important enabler
of managing economic risk and promoting security of consumers and private
businesses. IFC’s support to AIICO’s expansion reinforces our commitment
to improving social stability and economic growth in Nigeria.”
IFC’s encourages a diverse range of insurance
products, including property, health, agro, life, micro insurance and pensions.
IFC mobilizes additional resources through global and regional insurance
companies, other developmental financial institutions, and financial investors.
AIICO Insurance PLC is the market leader
in Life assurance and annuity services market and offers life, non-life
insurance, pension management, health insurance and asset management. It
is the second largest insurer in Nigeria by gross premiums and has maintained
a top three position over the last five years.
IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. Working with private enterprises in about 100 countries, we use
our capital, expertise, and influence to help eliminate extreme poverty
and boost shared prosperity. In FY14, we provided more than $22 billion
in financing to improve lives in developing countries and tackle the most
urgent challenges of development. For more information, visit www.ifc.org