Press Release

NOTIFICATION OF DELAY IN THE RELEASE OF AFRICAN ALLIANCE INSURANCE PLC AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2017 AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIODS ENDED 31ST MARCH AND 30TH JUNE 2018

African Alliance Insurance Plc wishes to notify its esteemed shareholders, other stakeholders and the investing public that the Company's Audited Financial Statements for the year ended 31st December 2017 (2017 AFS) together with the Unaudited Financial Statements for the periods ended 31st March (Q1) and 30th June (Q2) could not be filled in line with the Nigerian Stock Exchange's Rules for filing of Accounts and Treament of Default Filing.

However, the Company has since concluded with the audit of its 2017 AFS, and has submitted same to its primary regulator-the National Insurance Commission (NAICOM) for approval.

The Company is optimistic that the aforementioned accounts will be filed with The Exchange upon receipt of approval from NAICOM on or before 30th September 2018.

Thank you.