AIICO
Investo's verdict, shared with you
AIICO Insurance Plc is a profitable, well-capitalised Nigerian insurer delivering a 20.8% ROE on FY2025 reported figures, with earnings growing from ₦0.13 EPS in 2021 to ₦0.62 in 2025, reflecting a genuine structural improvement in underwriting and investment income. However, at the current price of ₦3.90, the stock trades at a 6.29x trailing P/E and 1.31x P/B, both materially above our blended fair value of ₦2.87 and implying a 26.5% downside to intrinsic value — meaning quality is not in question, but the current entry price leaves little margin of safety. The risk/reward at current levels is asymmetric to the downside, and we see no near-term catalyst sufficient to justify the premium multiple.
Verdict published 2026-10-26 · fundamentals through Q2-2026 · reviewed as the data changes
Verdict moderated to Hold — Avoid was refused
Committee scores Value POSITIVE (overall constructive); an "avoid" against our own committee is not publishable without a re-derivation.
Published with 1 open flag · confidence downgraded
Our own committee reads this differently
Our rules-based factor scorecard scores this company's Value factor the opposite way to our fair value. Both cannot be right, so neither is presented as settled.
Committee scores Value POSITIVE (constructive) but our base fair value implies -26.5% downside.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.