AIICO Insurance Plc has said a total of 1,870,000,000 ordinary shares belonging to its life insurance arm were cancelled as a result of the internal corporate restructuring/consolidation going on in the firm.
AIICO said its consolidating its life insurance business with AIICO General Insurance Company Limited and AIICO Asset Management Company Limited its general insurance and asset management arms; bringing the issued and fully paid ordinary shares of the company to 6,930,204,480 units.
The insurer shares surged high 8.5 percent at the close of transactions on the Nigerian bourse on Thursday, the share opened at a price of 0.94 kobo and closed at N1.02 gaining 0.08 kobo per share.

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