AIICO Plc will use the loan facility to increase its agency network and retail centers and increase its reach and footprint across the country.
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.
IFC s support to AIICO s expansion reinforces our commitment to improving social stability and economic growth in Nigeria.
As frontline players such as IGI, Leadway, Cornerstone, AIICO, Niger and others embarked on private placements, rights issues and IPOs to meet the new capital requirements, merger arrangements mushroomed.
A number of players (Leadway, AIICO, Royal Exchange, Cornerstone, Crusader and others) who, like IGI, have exceeded capitalisation levels may also be planning return trips to the capital market.
The loan amount will be used by AIICO
Plc to expand its agency network and retail centers as well as to increase its footprint all over the country.
Insurance Plc, Regency Insurance Plc, Great Nigeria Assurance Plc, Guaranty Trust Assurance Plc, Consolidated Hallmark Insurance Ltd, Staco Insurance Ltd, Custodian and Allied Insurance Plc, are the major sponsors.