Great Nigeria Insurance’s Net Investment Income Hits N4.5bn

Great Nigeria Insurance(GNI) Plc’s net investment income stood at N4.6 billion in the 2023 financial year, up from N1.3 billion in the 2022 financial year, a whopping 254 per cent increase.

Addressing shareholders at the company’s 53rd annual general meeting (AGM) in Lagos recently, chairman Bade Aluko said the company’s Profit after tax, which was reported as N736 million in 2022, leapt to N2 billion in 2023.

He said the 2022 transiting figure for Insurance Revenue stood at N2.6 billion, while the current reporting year came to N2.5 billion, signalling a slight drop of 3.8 per cent. The Insurance Service Expense for 2023, he said, totalled N2 billion, rising from the N1.5 billion expended in the previous year, which represents a 33 per cent increase from the 2022 figure.

Promising that Great Nigeria Insurance Plc remained committed to vigorous pursuit of excellence in its operations as an insurance company, he added that, “We have maintained a rare display of courage and resilience thus far, and we will continue to give it all it takes to ensure we keep thriving in all our business expressions. Together, we have navigated challenges, embraced reforms, and pursued opportunities that will shape the future of our company and our industry. As we look ahead, I am confident that with our shared vision, collective resilience, and steadfast commitment to excellence, we will achieve even greater heights,” he pointed out.