Guinea Insurance Targets N1.75 Billion Gross Premium In 2025
Mr Ademola Abidogun, MD/CEO, Guinea Insurance PLC
Guinea Insurance has set a target of N1.75 billion in gross premium written in the first quarter of 2025.
This was disclosed in its income statement forecast for the first quarter ending March 31, 2025, filed with the Nigerian Exchange Limited at the close of the year.
Gross premium written is the total amount of money an insurance company collects from customers for insurance policies during a specific period. It’s calculated before any expenses or commissions are taken into account.
According to the forecast, the insurance company is projecting to see its net underwriting income stand at N1.32 billion with claims expenses at N180.69 million.
At the end of the quarter, Guinea Insurance is expecting to record a profit after tax of N526.73 million.
On its cash flow forecast, Guinea Insurance projected commission received at N112.88 million while it will pay higher commissions at N262.50 million
Guinea Insurance, in its quarterly result for the period ended September 30, 2024, earned N170.85 million, and its year-to-date earnings stood at N267.37 million.
Increases in the cost of sales and administrative expenses saw the company reporting a loss of N29.59 million for the quarter and N58.34 million year to date.
At its last Annual General Meeting, the Managing Director/ Chief Executive Officer of Guinea Insurance, Mr Ademola Abidogun, highlighted the company’s ongoing recapitalisation efforts, detailing initiatives to secure additional funding, enhance operational efficiency, and expand product offerings.
These strategies, he said, are part of a vision to elevate the Guinea Insurance brand through the #ComfortAssured Integrated Marketing Campaign.
He emphasised that increased funding would enable the company to strengthen its market position, improve customer experience, and deepen its focus on core insurance activities, particularly underwriting.
The Chairman of the Company’s Board of Directors, Mr Ugochukwu Godson, SAN, also recognised the board’s and management’s commitment to positioning Guinea Insurance PLC as a prime investment opportunity.
He noted that the company has successfully charted a new course, fulfilling its commitments and returning to profitability.
