BY NKECHI NAECHE-ESEZOBOR —Despite a challenging operating environment, Guinea Insurance Plc said it was able to delivered an exceptional financial performance compared to 2023.
The company in the year under review grew its Profit after tax by 96%, from ₦477.55 million to ₦936.55 million while Profit Before Tax rose by 81%, moving from ₦499.21 million in 2023 to ₦904.41 million in 2024.
Speaking at the company’s 67th Annual General Meeting held virtually in Lagos, the chairman of the company, Mr. Temitope Borishade presided over the meeting said
Gross Premium Written grew by 35.6%, rising from ₦2.17 billion in 2023 to ₦2.94 billion in 2024, this he attributed improved product penetration.
Insurance Revenue according to him rose by 36.6%, increasing from ₦2.08 billion in 2023 to ₦2.84 billion in 2024, reflecting the company’s focus on innovative, customer-centric solutions and enhanced service delivery.
He noted that prudent investment strategies and effective financial management generated remarkable results, with Investment and other income rising by 76.4%, from ₦765.20 million in 2023 to ₦1.35 billion in 2024.
Shareholders’ Funds also saw substantial growth of 49.3%, rising from ₦3.49 billion in 2023 to ₦5.22 billion in 2024, establishing a stronger financial foundation for future expansion and stability.
Commenting on its performance he said: “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 granting approval 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.
“The Board and Management reaffirmed their commitment to sustainable value creation, innovation, and operational excellence, pledging to further deepen customer trust and strengthen Guinea Insurance’s position as a leader in the Nigerian non-life insurance sector.”
