Guinea Insurance Plc posts N1.02bn GPI in 2017
R-L: Chairman Board of Directors, Barr. Godson Ugochukwu; Executive Director, Corporate & Legal Services, Mrs. Isioma Omoshie-Okokuku, Non-Executive Director, Alhaji Hassan Dantata
The foremost insurance firm in Nigeria, Guinea Insurance Plc, has announced a Gross Premium Income (GPI) of N1.020.4 billion in 2017, representing 11.7 per cent growth over N913.4 million recorded in 2016.
The company’s financial performance was contained in Annual Report & Accounts presented to shareholders at the company’s 60th Annual General Meeting (AGM) held in Benin City, the capital of Edo State.
The company’s Net Premium Income also grew by 15% from N649.5 million in 2016 to N747.1 in 2017 while underwriting Profit grew from N453.4 million recorded in 2016 to N501.1 in 2017 representing a growth rate of 11%.
Claims paid by Guinea Insurance on various classes of insurance decreased by 47% from N304.9 million in 2016 to N161.5 million in 2017, due to operational efficiency in terms of people, processes, technology and communications.
In spite of the economic headwinds that characterized the period under review, the underwriter’s Investment Income recorded a marginal decline of 3% from N215.5 in 2016 to N208.3 in 2017.
Howbeit, a remarkable performance was recorded as the underwriter posted a Profit Before Tax increase of 35% from N176.3 million in 2016 to N237.8 million in 2017.
It also recorded a whopping Profit After Tax increase of 518% from N40.6 million in 2016 to N251.0 million in 2017. The underwriter’s zest to be over and done with the challenge of solvency margin, was further consolidated during the year under review as its Solvency Margin grew by 13% from N3.0 billion in 2016 to N3.4 billion in 2017, while increase in Shareholders’ Fund as recorded in its books stood at 16% from N2.9 billion in 2016 to N3.4 billion in 2017.
Addressing Shareholders at the AGM, Company’s Chairman, Board of Directors, Barr. Godson Ugochukwu noted that the company’s philosophy of delivering value to its shareholders without compromising service standard remains sustainable.
L-R: Non-Executive Director, Alhaji Hassan Dantata, Executive Director, Corporate & Legal Services, Mrs. Isioma Omoshie-Okokuku, Chairman Board of Directors, Barr. Godson Ugochukwu; Company Secretary/Legal Adviser
He said: “we are an upwardly mobile company, peopled with skilled professionals, our strength is made manifest in our passion for high standards and the single-minded determination to emerge a world class enterprise, one with the scope and economies of scale necessary to drive home our unflinching mandate of returning Guinea Insurance on the path of sustainable profitability”. This avowal is evident in the underwriter’s 2017 performance metrics.
The Chairman reaffirmed the Board’s commitment to grow the company and announced plans aimed at celebrating the 60th Anniversary of the underwriting firm “This year also marks the 60th Anniversary of our Company! Soon enough, you will begin to see signs of the upcoming grand celebrations as you move around major cities in the country… you will agree with me that 60 years is a milestone of epic proportions. There are only a few insurance companies in Nigeria that can boast of such a rich history, wealth of experience and consistent longevity. To this end, the Board and Management are resolved to use the 60th anniversary celebrations of our beloved Company to further stamp our footprints even more indelibly in the landscape of the insurance industry in Nigeria”.
During the meeting, three Directors namely: Alhaji Hassan Dantata; Mr. Osita Chidoka and Mr. Chukwuemeka Uzoukwu, were unanimously re-elected by shareholders.
While speaking on behalf of the Shareholders the: National Chairman, New Dimension Shareholders Association (NDSA), Mr. Patrick Ajudua; National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie and National Coordinator, Heritage Shareholders Association of Nigeria (HSAN), Wale Adewale were unanimous in their clarion call to the board of Guinea Insurance to continue to keep the faith even in the face of harsh economic realities as the reward for work well done is the opportunity to do even more. On a more inspiring note, the shareholders were of good cheer as they applauded the impressive performance in the underwriter’s profit and opined that it was indicative of the company’ readiness to be re-positioned for profitability.
Guinea Insurance Plc, with its headquarters in Jibowu, Lagos State, Nigeria, is a foremost risk management solution provider. The company’s products are developed to cater for the insurance needs of Nigerians of all walks of life, irrespective of their location or socio-economic class. Its Rapid Claims Payment System (RCPS) is designed to ensure that claims settlement process is concluded within 72 hours upon receipt of a duly Executed Discharge Voucher (EDV) from the insured.
