Great Nigeria Insurance Returns To Profitability, Pays N2.1bn Claims

From a loss position of N718 million in its 2020 financial year, Great Nigeria Insurance(GNI) Plc returned to profitability, recording N1 billion Profit Before Tax(PBT) in the process.

This is even as its claims expenses rose to N2.1 billion in 2021 financial year as against N1.4 billion in 2020, hence, showing the willingness of the underwriter to continue to pay genuine claims as and when due.

Similarly, its Gross Premium Written(GPW) climbed to N8.3billion, representing a 16.9 percentage growth over the N7.1billion recorded in 2020.

In addition, the company’s total assets rose from N15.5billion to N20.6billion, representing 32.9er cent increase within the period under review.

Speaking at the 51st Annual General Meeting(AGM) of the company, held in Ikoyi, Lagos recently, the managing director/CEO of GNI Plc, Mrs. Cecilia O. Osipitan attributed the positive performance to the commitment shown by staff who she described as the drivers of the turnaround initiative coupled with the fact, that the management team was also dedicated to ensuring that shareholders get a good return on their investment.

She reiterated the company’s unwavering commitment to creating value for both shareholders and stakeholders alike.

To her, “the path to achieving growth and sustaining same is not without its challenges, but with the perseverance and doggedness of every member of staff, we were able to overcome and succeed as a team.”

Similarly, the manager, Corporate Communications, Brand Management and Customer Service of the company,  Ms. Oyinkansola Sobande stated that, GNI, no doubt, has every reason to appreciate all its shareholders for their unwavering faith in the board and management of the underwriter and that the state of affairs will continually improve despite the challenges posed by the economic terrain.

The drive to continue to uphold a strategic and comprehensive growth strategy still forms the bedrock upon which the company is built, she pointed out.

Great Nigeria Insurance Plc, she promised, is unrelenting in its efforts to become one of the country’s most reliable underwriting firms as it continues to seek ways to optimally cater for its customers through a strengthened capital base, an extensive network of branches and a passion to continually tap into technology to revolutionise its operations.