Guinea Insurance Unveils Path To Profitability

Guinea Insurance PLC has unveiled a path to the company’s profitability as it held its 65th Annual General Meeting (AGM) in Lagos State recently.

Chairman of the Board of Directors of the company, Mr. Ugochukwu Godson, gathered stakeholders, investors, and key figures from the financial sector to discuss crucial corporate developments and financial performance.

Godson adeptly led the proceedings, overseeing discussions on various business matters, including shareholder approvals. The highlight of the meeting was the presentation of the audited financial statements for the fiscal year ending on December 31, 2021, along with comprehensive reports from the board of directors and auditors.

During his address to shareholders, Mr. Godson reiterated the board and management’s unwavering commitment to positioning Guinea Insurance PLC as an attractive investment destination. The company’s dedication to charting a course towards profitability was emphasised.

Reviewing the financial performance, a retrospective analysis of 2022 revealed promising trends for Guinea Insurance PLC.

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Notable highlights included a modest increase in Gross Premium Written, which stood at N1.359 billion in 2022, signifying a slight 0.22 per cent increase over the N1.356 billion recorded in 2021. However, there was a significant increase in Gross Premium Income, rising from N1.34 billion in 2021 to N1.39 billion in 2022, indicating a substantial 3.73 per cent increase. The growth in Net Premium Income was also noteworthy, reaching N960 million in 2022, representing a 9.18 per cent increase over the N879 million recorded in 2021. This growth was attributed to the company’s expansion into new markets, as well as improved underwriting and risk management practices.