Guinea Insurance Restates Commitment to Profitability, Sustainable Growth
L-R: Alhaji Hassan Dantata, Non-Executive Director; Dr. Mohammed Attahir, Non-Executive Director; Chinenye Nwankwo, Company Secretary; Ugochukwu Godson, Chairman; Ademola Abidogun, Managing Director; Samuel Onukwue Non-Executive Director; Simon Oladayo Bolaji, Non-Executive Director; Edobor Pius, Executive Director and Anthony Achebe, Non-Executive Director at the Company’s 65th AGM in Lagos today October 30, 2023.
Guinea Insurance PLC, a leading player in Nigeria’s insurance industry, has has reiterated its commitment to profitability and sustainable growth aimed at securing future growth, increasing market share, and maximizing returns for investors and partners.
The Chairman of the Board of Directors, Mr. Ugochukwu Godson, speaking at the Company’s 65th Annual General Meeting (AGM) today at The Providence Hotel in G.R.A., Ikeja, Lagos State, reaffirmed the unyielding commitment of the board and management to positioning Guinea Insurance PLC as an attractive investment destination.
He reiterated the company’s unwavering dedication to charting a course towards profitability and sustainable growth.
The Company’s 2022 financial performance revealed promising trends with a modest increase in Gross Premium Written to N1.359 billion, representing a 0.22% improvement over the preceding year.
The Gross Premium Income also exhibited significant growth from N1.34 billion in 2021 to N1.39 billion in 2022, representing 3.73% increase. Net Premium Income also registered substantial increase, reaching N960 million in 2022, a commendable 9.18% increase compared to the N879 million reported in 2021.
These noteworthy achievements were attributed to the company’s strategic expansion into new markets, coupled with enhanced underwriting and risk management practices. Further exemplifying their commitment to policyholders was the efficient claims settlement practices, as evidenced by a remarkable 194.63% increase in Claims Expenses during the year under review.
L-R: Ugochukwu Godson, Chairman, Ademola Abidogun, Managing Director.
Guinea Insurance PLC’s strategic expansion initiatives resulted in substantial upfront expenses, including increased operating costs, capital investments, and research and development expenditures. These investments had a temporary impact on the company’s financial performance, resulting in a notable increase in Loss After Tax, which rose from N23.4 million in 2021 to N64.7 million in 2022, marking a remarkable surge of 176.50%. Notably, Income Tax Expense in 2022 witnessed a significant reduction of 78.40%, decreasing to N7.9 million from the N36.5 million recorded in 2021, owing to the effective tax planning strategies implemented by the company.
In discussing the company’s growth initiatives and development plans, Guinea Insurance PLC’s Chief Executive Officer, Ademola Abidogun, shared the news that “Guinea Insurance has listed 1,802,800,000 ordinary shares of 50 Kobo each at 50 Kobo per share on the Nigerian Exchange Limited. The total issued and fully paid-up shares of Guinea Insurance Plc have now increased from 6,140,000,000 to 7,942,800,000 ordinary shares of 50 Kobo each.”
Mr. Abidogun emphasized that this move aligns with the company’s proactive approach to securing future growth, increasing market share, and maximizing returns for investors and partners.
He explained, “Guinea Insurance PLC is fully prepared to make the most of this opportunity, with more available funds, to further strengthen our market position, enhance the customer experience, and engage more in the core business of insurance, specifically underwriting, which involves collecting businesses, underwriting businesses, and making profit.”
The 65th Annual General Meeting not only presented a detailed financial review but also illuminated a promising path towards profitability. It showcased Guinea Insurance PLC’s steadfast commitment to its stakeholders and its vision for a prosperous future.
Guinea Insurance PLC is a leading insurance company known for its long-standing tradition of trust, reliability, and innovation. With a legacy spanning over six decades, Guinea Insurance PLC continues to set the benchmark for excellence in the insurance industry. The company offers a comprehensive range of insurance products and services to safeguard the financial well-being of its policyholders and foster economic prosperity
