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AIICO Insurance (NSA:AIIC) Piotroski F-Score : N/A (As of Dec. 14, 2024)


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What is AIICO Insurance Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

AIICO Insurance has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for AIICO Insurance's Piotroski F-Score or its related term are showing as below:

During the past 9 years, the highest Piotroski F-Score of AIICO Insurance was 8. The lowest was 3. And the median was 5.


AIICO Insurance Piotroski F-Score Historical Data

The historical data trend for AIICO Insurance's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

AIICO Insurance Piotroski F-Score Chart

AIICO Insurance Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only 8.00 4.00 5.00 5.00 7.00

AIICO Insurance Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 8.00 8.00 N/A

Competitive Comparison of AIICO Insurance's Piotroski F-Score

For the Insurance - Diversified subindustry, AIICO Insurance's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


AIICO Insurance's Piotroski F-Score Distribution in the Insurance Industry

For the Insurance industry and Financial Services sector, AIICO Insurance's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where AIICO Insurance's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 6151.76 + 8953.217 + 3937.146 + -435.606 = ₦18,607 Mil.
Cash Flow from Operations was 2400.559 + 6913.725 + 14349.155 + 22932.021 = ₦46,595 Mil.
Revenue was 974.052 + 304.467 + 43368.275 + 38568.812 = ₦83,216 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(0 + 318095.562 + 335736.432 + 355828.985 + 399571.652) / 5 = ₦352308.15775 Mil.
Total Assets at the begining of this year (Sep23) was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦47,562 Mil.
Total Assets was ₦399,572 Mil.
Total Liabilities was ₦335,581 Mil.
Net Income was -1005.7 + 1411.691 + 5175.708 + -846.481 = ₦4,735 Mil.

Revenue was -38775.135 + -4051.616 + 30732.14 + 20296.726 = ₦8,202 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(275096.427 + 268171.484 + 280595.444 + 293714.062 + 0) / 5 = ₦279394.35425 Mil.
Total Assets at the begining of last year (Sep22) was ₦275,096 Mil.
Long-Term Debt & Capital Lease Obligation was ₦0 Mil.
Total Assets was ₦0 Mil.
Total Liabilities was ₦0 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

AIICO Insurance's current Net Income (TTM) was 18,607. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

AIICO Insurance's current Cash Flow from Operations (TTM) was 46,595. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep23)
=18606.517/0
=

ROA (Last Year)=Net Income/Total Assets (Sep22)
=4735.218/275096.427
=0.01721294

AIICO Insurance's return on assets of this year was . AIICO Insurance's return on assets of last year was 0.01721294. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

AIICO Insurance's current Net Income (TTM) was 18,607. AIICO Insurance's current Cash Flow from Operations (TTM) was 46,595. ==> 46,595 > 18,607 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=47561.659/352308.15775
=0.13500016

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=0/279394.35425
=0

AIICO Insurance's gearing of this year was 0.13500016. AIICO Insurance's gearing of last year was 0. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Sep24)=Total Assets/Total Liabilities
=399571.652/335581.29
=1.19068513

Current Ratio (Last Year: Sep23)=Total Assets/Total Liabilities
=0/0
=

AIICO Insurance's current ratio of this year was 1.19068513. AIICO Insurance's current ratio of last year was . ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

AIICO Insurance's number of shares in issue this year was 36605.276. AIICO Insurance's number of shares in issue last year was 36605.276. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=18606.517/83215.606
=0.22359408

Net Margin (Last Year: TTM)=Net Income/Revenue
=4735.218/8202.115
=0.5773167

AIICO Insurance's net margin of this year was 0.22359408. AIICO Insurance's net margin of last year was 0.5773167. ==> Last year's net margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep23)
=83215.606/0
=

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=8202.115/275096.427
=0.02981542

AIICO Insurance's asset turnover of this year was . AIICO Insurance's asset turnover of last year was 0.02981542. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+1+1+0+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

AIICO Insurance has an F-score of 5 indicating the company's financial situation is typical for a stable company.

AIICO Insurance  (NSA:AIIC) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


AIICO Insurance Piotroski F-Score Related Terms

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AIICO Insurance Business Description

Traded in Other Exchanges
N/A
Address
Churchgate Street, Plot PC 12, AIICO Plaza, Victoria Island, Lagos, NGA
AIICO Insurance PLC provides life and health insurance, general insurance, investment management, and pension management services as a means to create and protect wealth for individuals, families, and corporate customers in Nigeria. The company's key business areas include Life Insurance Business, Non-Life Insurance Business, Health, and Wealth Management, Deposit Administration, and Financial Services to organizations and private individuals. The group has four reportable segments: Life business which generates maximum revenue, General business, Health management services, and Asset management.

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