African Alliance Insurance Plc (AAI) says its audited financial statements for year ended December 31th, 2016, could not be filed within NSE filing timeline of March 31, 2017 and advised shareholders to wait a bit longer to know the performance of the company for the year ended December, 2o16.
Although AAI ought to have presented its 2016 audited financial statements since December 31, 2016, the company said in a statement sent to the Nigeria Stock Exchange (NSE), that the delay was due to the fact that the audit exercise for the group was yet to be completed and consolidated given that one of its major offshore subsidiary is yet to obtain approval of its financial statements from its regulators without which the group’s consolidated accounts cannot be completed.
“The company is working assiduously towards submitting financial statements on or before December 31, 2017,” the company said in a statement obtained from the NSE’S website.
The announcement was made in a press release published today by the Nigeria Stock Exchange (NSE) and signed by the company secretary in person of Tope Adebayo
African Alliance Insurance Plc was incorporated as a Private Limited Liability Company on May 6th 1960 and was the first Indigenous Insurance to carry out the business of Life Assurance in Nigeria.
The Company was originally set up in partnership with Munich Reinsurance Company of Germany, the largest Reinsurance Company in the world. Munich – Re still provides technical support to the Company on a need basis.
In 2005, African Alliance became the first licensed Takaful (Islamic Insurance) Operator in Nigeria – a concept borne of the desire to satisfy the needs of the Muslim Ummah in Nigeria through a robust selection of Sharia – compliant insurance and investment products based on the concepts of “Al-Mudarabah” and “Al-Tabarru”.
Also in 2005 African Alliance Insurance (then still a Limited Liability Company) in a Joint Venture with First Securities Discount House Limited (“FSDH”) set up Pensions Alliance Limited (“PAL”), a licensed Pension Fund Administrator.
In 2009, African Alliance was listed on the Nigerian Stock Exchange; thus becoming known as African Alliance Insurance Plc.
