Great Nigeria Insurance Grows Gross Premium To N8.3bn, Assets N20.6bn In 2021
Mrs. Cecilia Osipitan, MD/CEO, Great Nigeria Insurance
Great Nigeria Insurance Plc said it has record a Gross Premium Written of N8.3 billion in 2021 representing a 16.9% increase over the N7.1billion recorded in 2020.
The company also grew its assets to the tune of N20.6 billion for the financial year ended 31st December 2021. This presents a growth rate of 32.9 per cent when compared with the N15.5 billion recorded in the comparable period of 2020.
In the face of various challenges that characterized the industry within the year, Great Nigeria Insurance was able to pay a total claim of N2.1 billion in 2021. higher than N1.4 billion paid in 2020.
Underwriting expenses declined drastically during the period under review, the company recorded a Profit Before Tax of N1 billion as against a loss of N718 million in the previous year.
Addressing shareholders at the the firm’s 51st Annual General Meeting in Lagos, the Managing Director/CEO of Great Nigeria Insurance Plc, Mrs. Cecilia O. Osipitan attributed the company’s positive performance to the commitment shown by every member of staff who she described as the drivers of the turnaround initiative,
She also linked the company’s sterling performance to Management team’s dedication to ensuring that the shareholders of the company get a good return on their investment.
Whilst reiterating the company’s unwavering commitment to creating value for both shareholders and stakeholders alike, she said “the path to achieving growth and sustaining same is not without its challenges, but with the perseverance and doggedness of every member of staff, we were able to overcome and succeed as a team.
“It is without doubt that Great Nigeria Insurance Plc is unrelenting in its efforts to become one of the country’s most reliable underwriting firms as it continues to seek for ways to optimally cater to its customers through a strengthened capital base, an extensive network of branches and an undaunting passion to continually tap into InsurTech to revolutionize its operations,”
Due to COVID-19 protocols, the Company convened a hybrid meeting of virtual and physical participants at the Meeting in Lagos.
Shareholders gathered to be part of what they described as the success story of a Company that has exceeded their expectations despite the numerous challenges associated with the Nigerian insurance sector both at the micro and macro-economic levels.
Some of the shareholders attested to the fact that the Company has shown a lot of tenacity and resilience by preserving its legacy and remaining relevant in the Nigerian insurance industry.
The Company’s Spokesperson and Manager, Corporate Communications, Brand Management and Customer Service, Ms. Oyinkansola Sobande stated that the Company, no doubt has every reason to appreciate all its shareholders for their unwavering faith in the Board and Management of the underwriting company and that the state of affairs will continually improve despite the challenges posed by the economic terrain.
