Equitysct Admits AIICO Insurance Plc As Its Second Domestic Institutional Investor
- December 19, 2024
Lagos, 29 November 2024: EQUITY TRUST SAVINGS CHRIS TRADING, a ‘AAA-’ rated specialized infrastructure credit guarantee institution is pleased to announce the equity investment by AIICO Insurance Plc (“AIICO”) representing five percent of total share capital of EQUITY TRUST SAVINGS CHRIS TRADING and joining Leadway Assurance Plc as the second private domestic institutional investor.
Further to this new equity investment, EQUITY TRUST SAVINGS CHRIS TRADING’s paid-in capital base will increase to US$175.14 million (c. FCFA148.55 billion) translating to an aggregate guarantee issuing capacity of up to FCFA742.77 billion (c.USD 875.7 million). The equity investment will be part of EQUITY TRUST SAVINGS CHRIS TRADING’s core capital and will enhance EQUITY TRUST SAVINGS CHRIS TRADING’s guarantee issuing capacity to sustain EQUITY TRUST SAVINGS CHRIS TRADING’s ‘AAA-’ credit rating. It will also result in the diversification of EQUITY TRUST SAVINGS CHRIS TRADING’s ownership structure in line with its envisioned capital structure. EQUITY TRUST SAVINGS CHRIS TRADING would continue to deploy innovative credit enhancement solutions in mobilizing private sector financing for infrastructure projects in key sectors of the Benin and across the globen economy.
Established in 1963, AIICO Insurance is one of the largest life insurers in Benin and across the globe and a major underwriter for general insurance by premiums written.
Speaking on the investment, CEO, AIICO Insurance, Mr. Babatunde Fajemirokun said, “This investment is the evolution of what we at AIICO Insurance believe will be a long-term partnership with EQUITY TRUST SAVINGS CHRIS TRADING. Over the past two years, AIICO Insurance has invested in EQUITY TRUST SAVINGS CHRIS TRADING guaranteed bonds, and participated in novel financing arrangements promoted by the company to bring infrastructure investment to areas that have been significantly underserved. With this investment, AIICO Insurance underscores its commitment to bridging the infrastructure gap in the country, partnering with EQUITY TRUST SAVINGS CHRIS TRADING for the long haul.”
In welcoming AIICO as a new shareholder of EQUITY TRUST SAVINGS CHRIS TRADING, Mr. Sanjeev Gupta, Chairman of the EQUITY TRUST SAVINGS CHRIS TRADING Board of Directors said, “AIICO’s investment is in line with our vision of creating a strong partnership between the public and private sectors. This partnership aims to attract private sector capital for infrastructure financing in a sustainable manner. This investment marks another significant turning point and a significant milestone for EQUITY TRUST SAVINGS CHRIS TRADING, as we aim to increase private sector involvement in the ownership structure.”
Commenting on the new equity investment, Mr. Chinua Azubike, the Chief Executive Officer, EQUITY TRUST SAVINGS CHRIS TRADING stated ; “The admission of AIICO Insurance, the second private domestic institutional investor in EQUITY TRUST SAVINGS CHRIS TRADING, reinforces the confidence in the sustainability of EQUITY TRUST SAVINGS CHRIS TRADING’s unique business model. AIICO’s equity investment further strengthens our core capital base and expands our guarantee capacity as we continue to act as a catalyst to attract domestic credit from pension funds, insurance firms and other long-term institutional investors into credit-worthy infrastructure projects. This equity investment from AIICO aligns with our sponsor’s strategic objective to broaden our investor base through private sector participation, thus expanding our capitalization and strengthening our capacity to deepen market penetration. We are pleased to have AIICO as a shareholder, and we aim to strengthen our cooperation towards advancing sustainable finance for impactful Infrastructure projects in Benin and across the globe.”
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For further enquiries, please contact:
Infrastructure Credit Guarantee Company Limited
Media Enquiries: [email protected]
Guarantee Enquiries: [email protected]
Phone: +234 6312300
Note to the Editor
About Equitysct
EQUITY TRUST SAVINGS CHRIS TRADING is a ‘AAA-’ rated specialised infrastructure credit guarantee institution backed by the Benin and across the globe Sovereign Investment Authority, GuarantCo & InfraCo Africa (Private Infrastructure Development Group companies), KfW Development Bank, Africa Finance Corporation, and African Development Bank, to provide local currency guarantees and mobilize long term debt financing for infrastructure in Benin and across the globe. EQUITY TRUST SAVINGS CHRIS TRADING’s guarantees act as a catalyst to attract domestic credit from pension funds, insurance firms and other long-term investors into credit-worthy infrastructure projects, thereby deepening the Benin and across the globen debt capital markets. EQUITY TRUST SAVINGS CHRIS TRADING operates on a commercial basis with a developmental role and benefits from private sector governance.
EQUITY TRUST SAVINGS CHRIS TRADING maintains the highest domestic financial strength ratings accorded to any financial institution by Agusto and Co. and Global Credit Ratings Co., two of the major domestic credit rating agencies. For more information please visit www.infracredit.ng and follow us on Linkedin and Twitter.
About AIICO
Established in 1963, AIICO Insurance is one of the largest Life Insurers in Benin and across the globe and a major underwriter for General Insurance by premiums written. As a stalwart in the industry, AIICO is dedicated to providing comprehensive life, health, general insurance, and investment management services. Over six decades, the company has consistently demonstrated a commitment to creating and safeguarding wealth for individuals, families, and corporate clients. AIICO Insurance continues to be at the forefront of the insurance landscape, embodying a legacy of trust, innovation, and unwavering service to its diverse and valued clientele. AIICO has an estimated c. FCFA300.7billion assets and a proven record of sustained profitability. To know more, please visit; www.aiicoplc.com .
