AIICO Insurance (NSA:AIIC) Beneish M-Score: -2.32 (As of Jun. 24, 2026)


NSA:AIIC AIICO Insurance PLC NSA:AIIC
44 GF Score
Price ₦4.05
GF Value ₦4.95
Valuation Modestly Undervalued
! 2 Warning Signs
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What is AIICO Insurance Beneish M-Score?

AIICO Insurance NSA:AIIC +0.50% 44 Beneish M-Score is -2.32 as of Jun. 24, 2026. GuruFocus rates NSA:AIIC with a GF Score™ of 44/100 and a GF Value™ of ₦4.95 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 399 Insurance companies, AIICO Insurance ranks better than 62.16% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSA:AIIC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.98   Med: -2.15   Max: 7.62
Current: -2.32

During the past 11 years, the highest Beneish M-Score of AIICO Insurance was 7.62. The lowest was -3.98. And the median was -2.15.

NSA:AIIC
44GF Score
AIICO Insurance PLC NSA:AIIC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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AIICO Insurance Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of AIICO Insurance for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.043+0.528 * 1+0.404 * 0.9898+0.892 * 1.6053+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.073624-0.327 * 1.2275
=-2.32

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₦13,261 Mil.
Revenue was 55838.62 + 6765.265 + 75495.314 + 43109.085 = ₦181,208 Mil.
Gross Profit was 55838.62 + 6765.265 + 75495.314 + 43109.085 = ₦181,208 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦652,766 Mil.
Property, Plant and Equipment(Net PPE) was ₦20,388 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦0 Mil.
Selling, General, & Admin. Expense(SGA) was ₦0 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦106,095 Mil.
Net Income was 5121.838 + 8913.488 + 2509.125 + 6542.209 = ₦23,087 Mil.
Non Operating Income was -1560.7 + -529.638 + -972.023 + -113.683 = ₦-3,176 Mil.
Cash Flow from Operations was 30442.23 + 36237.264 + 28687.542 + -21045.166 = ₦74,322 Mil.
 Total Receivables was ₦7,920 Mil.
Revenue was 36887.076 + -5340.286 + 38568.812 + 42768.159 = ₦112,884 Mil.
Gross Profit was 36887.076 + -5340.286 + 38568.812 + 42768.159 = ₦112,884 Mil.
Total Current Assets was ₦0 Mil.
Total Assets was ₦439,718 Mil.
Property, Plant and Equipment(Net PPE) was ₦9,336 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦0 Mil.
Selling, General, & Admin. Expense(SGA) was ₦0 Mil.
Total Current Liabilities was ₦0 Mil.
Long-Term Debt & Capital Lease Obligation was ₦58,221 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(13260.658 / 181208.284) / (7920.255 / 112883.761)
=0.073179 / 0.070163
=1.043

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(112883.761 / 112883.761) / (181208.284 / 181208.284)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 20387.552) / 652765.667) / (1 - (0 + 9335.948) / 439718.309)
=0.968767 / 0.978768
=0.9898

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=181208.284 / 112883.761
=1.6053

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0 / (0 + 9335.948)) / (0 / (0 + 20387.552))
=0 / 0
=1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 181208.284) / (0 / 112883.761)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((106095.228 + 0) / 652765.667) / ((58220.813 + 0) / 439718.309)
=0.162532 / 0.132405
=1.2275

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(23086.66 - -3176.044 - 74321.87) / 652765.667
=-0.073624

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

AIICO Insurance has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.32 mean?
AIICO Insurance (NSA:AIIC) has a Beneish M-Score of -2.32 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AIICO Insurance and its competitors. According to the industry distribution chart, AIICO Insurance ranks #151 out of 399 companies in the Insurance industry, placing it in the top 37.8%.
Is AIICO Insurance's Beneish M-Score too high?
AIICO Insurance's current Beneish M-Score is -2.32. Based on the distribution chart, AIICO Insurance ranks #151 out of 399 companies in the Insurance industry, which is above the industry midpoint. Overall, AIICO Insurance has a GF Score™ of 44/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does AIICO Insurance's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, AIICO Insurance ranks #151 out of 399 companies for Beneish M-Score. This puts AIICO Insurance in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AIICO Insurance and its competitors. AIICO Insurance's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AIICO Insurance stock overvalued right now?
Based on GuruFocus' analysis, AIICO Insurance (NSA:AIIC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₦4.95, compared to a current price of ₦4.05 — trading 18.2% below its estimated fair value. The current Beneish M-Score is -2.32. AIICO Insurance's overall GF Score™ is 44/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For AIICO Insurance (NSA:AIIC), the current Beneish M-Score is -2.32 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is AIICO Insurance (NSA:AIIC) Overvalued in 2026?

Based on GuruFocus' analysis, AIICO Insurance stock appears to be undervalued. The current stock price of ₦4.05 is trading 18.2% below its estimated GF Value™ of ₦4.95. GuruFocus considers AIICO Insurance to be Modestly Undervalued.

Key valuation signals for NSA:AIIC:

  • Beneish M-Score: -2.32
  • GF Value™: ₦4.95 vs. price of ₦4.05 (18.2% below fair value)
  • GF Score™: 44/100 with 2 warning signs

No single metric tells the full story. See the NSA:AIIC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

AIICO Insurance Business Description

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. The life insurance segment offers savings, protection products and other long-term contracts. It comprises of whole life, term assurance, guaranteed pensions, pure endowment pensions and Others.
44GF Score

Get the complete analysis for NSA:AIIC

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₦4.05
Price
₦4.95
GF Value