Gross Premium Income Of Guinea Insurance Hits N1.34bn

The gross premium income of Guinea Insurance Plc rose to N1.34 billion in 2021 as against N1.05 billion it posted in 2020, representing a 27.4 per increase.

The Gross Premium Written(GPW) was N1.35billion, representing a 24.8 per cent increase over the N1.08billion recorded in 2020, while the net claims expenses in 2021 was N0.48billion which is a 69.1 per cent improvement over the sum of N1.55billion recorded in 2020.

This, the company attributed to efficient claims management, even as the firm recorded a Loss Before Tax of N60million. This is, however, against N225 million recorded in year 2020 representing over 73.3 per cent decrease.

Loss After Tax also stood at N23million, representing a significant drop of 89.9 per cent decrease when compared with the sum of N228million recorded in 2020.

Speaking at the 64th Annual General Meeting (AGM) of the company in Lagos last week, its chairman, Ugochukwu Godson, reaffirmed the board’s and management’s commitment to strategically and effectively position the company as investors’ delight while also propelling it to a profitable height for the financial well-being of its shareholders.

The hybrid meeting had a group of in-person participants connecting with remote participants to afford all stakeholders the same participatory rights as with a physical meeting.

Speaking on behalf of the shareholders, the chairman of the Progressive Shareholders Association of Nigeria(PSAN), Boniface Okezie, noted that, insurance relies on trust and the timely payment of claims, praising the company for its efforts in this area as well as maintaining its customary attitude of accountability, responsiveness, and commitment to the welfare of policyholders at all times.

He recommended deliberate and purposeful actions toward taking the company to glorious times but expressed concerns over the numerous mitigating factors impeding the projected upward mobility of the company to profitability.

Responding, the company’s chairman, Ugochukwu Godson, said, the insurer was already on the comeback trail to profitability as funds had been injected to strengthen its financial base and increase its capacity to transact large-scale business deals.

Earlier, its managing director/CEO, , Ademola Abidogun, urged the company’s shareholders to see the positive aspects of the upcoming changes.

“With the injection of additional capital, our company is now well positioned to attract and transact larger portions of new businesses. It is undeniable that consumers today are shifting and favoring simplicity more than ever before; as a result, our investment roadmap in technology and digital transformation is motivated by the need to give customers the freedom to purchase reliable insurance products without any geographical restrictions,” he pointed out.

Later, the shareholders agreed to increase Guinea Insurance’s issued and allocated share capital to 7,942,800,000 ordinary shares of 50 Kobo each, effective as of August 16, 2022.