Guinea Insurance Plc has said that the indices available for analysis have shown that the vision and aspiration of the company to post at least, N2 billion premiums in 2012 is achievable just as the company recorded N960.5 million in its 2011 third quarter result as against N846.7 million recorded same period in 2010.
The company’s Managing Director, Mr. Soji Emiola, who disclosed this at a meeting with some insurance correspondents in Lagos also said that the company in its bid to further win customers’ trust had paid almost N1 million to its various customers as claims within the period under consideration.
Emiola whose mission at the company was to turn it around and put it on the path of profitability after several years of the company’s inability to discharge its responsibilities to the stakeholders, alluded to the fact that various structures on ground have clearly shown that the company could still be one of the top ten insurance companies in Nigeria.
Although, he clearly stated that the company, as at present has no agenda to open shops in neighbouring African countries, he stressed that business plans to reposition the company which has three major focuses were awaiting the approval of the board of directors.
Emiola explained that one of the strategies includes deepening relation with insurance brokers, which according to him, control between 60 and 70 per cent of corporate businesses.
According to him, part of the company’s business plan would include capacity development to grow retail business, putting into consideration the branches’ revitalisation, while some would be wounded up to be able to grow others.
He also explained that the company was awaiting the approval of its directors on development of capability that would enable it venture into oil and gas business which was opened to the industry by the federal government through local content.
He also added that the company would leverage on the Market Development Restructuring Initiative (MDRI) of National Insurance Commission (NAICOM) to dole out products that would attract the populace of Nigeria, adding that the commission has already opened an avenue to generate better premium.