Great Nigeria Insurance Grows Gross Premium By 19.9% To N10.2bn In 2022
L-R: Mrs Roselyne Ulaeto, Executive Director, Technical Operations, Great Nigeria Insurance (GNI) Plc; Mr. Akintola O. Ajayi, Director, GNI; Mrs. Olajumoke Bakare, for First Almond Attorneys Company Secretary; Mr. Bade Aluko, Chairman, Board of Directors, GNI, and Mrs. Cecilia Olapeju Osipitan, Managing Director/CEO, GNI, during the 52nd annual general meeting of Great Nigeria Insurance Plc in Lagos recently.
Great Nigeria Insurance Plc said it has grown its Gross Premium Written to N10.2 billion in 2022, representing an increase of 19.9% over the previous year‘s N8.3 billion.
The company’s underwriting income also rose to N9.6 billion in 2022, higher than N7.8 billion achieved in 2021.
The company’s claims expenses increased from N2.1 billion in 2021 to N3.3 billion in 2022, while total assets stood at N26.9 billion, reflecting an increase of 26.6% from the previous year, which stood at N20.6 billion.
Shareholders funds rose to N7.3billion in 2022 when compared with N6.3 billion recorded in 2021.
Speaking at the company’s 52nd Annual General Meeting, held in Lagos recently, Chairman of the Company, Bade Aluko, said despite the challenging economic environment, the company was able to grow its Gross Premium Written to N10.2 billion in 2022 over the previous year‘s turnover of N8.3 billion.
“As a forward-looking business entity, Aluko assured that the organisation will continue to harness all its resources, both human capital and financial, in taking advantage of the opportunities embedded in the insurance market for growth and profitability. It is our plan to also continue to delight our esteemed shareholders and stakeholders alike. “
Also speaking, the Group Managing Director of the Company, Mrs. Cecelia Osipitan assured the stakeholders of the Company’s commitment to its corporate mandates.
She said “the consciousness of our corporate mandate constantly keeps us on our toes. We are committed to our vision statement of being the insurance company of choice for keeping promises to stakeholders. With the litany of operating challenges that beset us, our resolve to keep flying stems from the commitment to keep our promise to stakeholders.
“We understand the height of trust and support from our stakeholders, and we will not relent in proving ourselves worthy of it daily. We will ensure that our company will keep retooling, restructuring, and repositioning to keep up with the best global practices in the insurance business.
“Our commitment to training and retraining our staff to acclimatise with current demands in technology and remain competitive will not wane. We will continue to aspire to higher levels of astuteness and assiduousness with all our customers and in all our business engagements.
“Our pledge to you, dear esteemed shareholders, is to meet your expectations. We will not fail you.”
On the level of insurance penetration in Nigeria, she said: “awareness through effective sensitisation is the key that will unlock the limitless mines of opportunities that lie untapped both for industry players and potential customers alike.”
While urging stakeholders in the insurance industry to take all necessary steps in constantly widening the net through unrelenting campaigns and sensitisations, Mrs Osipitan stressed that the insurance operators must take all proactive measures to educate the people on the dividends of insurance cover.
Great Nigeria Insurance Plc Commenced Business In 1960. Our 55 Years Of Insurance Underwriting, Financial Advisory And Real Estate Investments Have Enabled Us To Exclusively Master The Business Terrain And Develop Skills That Give Us An Edge In Service Delivery And Total Customer Delight.
The Ownership Of The Company Is Made Up Of Diverse Shareholders From Wide Range Of Individuals And Institutional Investors With A Robust Board Of Directors Of Distinguished Personalities. The Company Has Invested In The Best Of People And Technology, Improving On Processes, Growing Its Market Share And Thereby Expanding Its Balance Sheet Size. The Company Continuously Strives To Be Amongst The Top Players In The Insurance Industry. The Board Of Directors Of The Company Is Made Up Of Reputable Individuals That Have Distinguished Themselves In Their Respective Fields Of Endeavour.
