Guinea Insurance Plc shareholders have approved the company’s raising additional capital when necessary, in accordance with the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
The shareholders, at the company’s 67th annual general meeting (AGM) held virtually, said this approval would give the insurer flexibility to strengthen its capital base, comply with upcoming regulatory benchmarks, and strategically position itself to compete more effectively and take on larger, more complex businesses as the insurance industry continues to evolve.
This is even as the Gross Premium Written(GPW) grew by 35.6 per cent, rising from N2.17 billion in 2023 to N2.94 billion in 2024, driven by growth across key business lines and improved product penetration.
Insurance Revenue rose by 36.6 per cent, increasing from N2.08 billion in 2023 to N2.84 billion in 2024, reflecting the company’s focus on innovative, customer-centric solutions and enhanced service delivery.
Prudent investment strategies and effective financial management generated remarkable results, with Investment and Other Income climbing 76.4 per cent, from N765.20 million in 2023 to N1.35 billion in 2024. Profit Before Tax rose sharply by 81 per cent, moving from N499.21 million in 2023 to N904.41 million in 2024, while Profit After Tax increased by 96 per cent, from N477.55 million to N936.55 million, a development the insurer said underscores operational efficiency and disciplined cost control.
Shareholders’ Funds also saw substantial growth of 49.3 per cent, rising from N3.49 billion in 2023 to N5.22 billion in 2024, establishing a stronger financial foundation for future expansion and stability.
Speaking on this development, the chairman, Temitope Borishade, stated, “Our 2024 results reflect not only the resilience of our business model but also the collective commitment of our stakeholders and workforce.
With shareholders now approving to raise capital in line with NIIRA 2025, the company is prepared to implement its carefully crafted recapitalisation plan. This will enhance our ability to compete, scale operations, and seize opportunities to grow bigger and deliver greater value to all stakeholders.”
As part of the ordinary business, shareholders ratified Temitope Borishade’s appointment as the board chairman. They also confirmed the appointments of Bernice Izilen Okosun, Ijeoma Pearl Okoro, and Dr. Nkemakonam Chukwukaondinaka Okeke as directors. At the same time, Samuel Onukwue was re-elected to the board following his retirement by rotation.
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