Cecilia Osipitan, MD/CEO GNI
BY NKECHI NAECHE-ESEZOBOR— Great Nigeria Insurance PLC has released its financial statement for full year ended 31st December, 2021 with a growth of N1 billion in its Profit Before Tax ( PBT).
According to statement released to BusinessToday Online, after the company successfully hosted the 51st Annual General Meeting on Wednesday, November 2, 2022, that PBT rose from a loss of N718million in the previous year to a profit of N1 billion in the year under review.
The statement added that the company was able to record a Gross Premium Written to N8.3billion at the end of 2021 from N7.1billion recorded in 2020, this representing a growth of 16.9%.
The insurer’s claims expenses also increased from N1.4billion in 2020 to N2.1billion in 2021 while total assets rose from N15.5billion to N20.6billion representing 32.9% increase.
“The composition of the assets was well structured to position the company for better future performance, Cecilia Osipitan, Managing Director/CEO of Great Nigeria Insurance Plc, said on the results.
She attributed the positive performance to the commitment shown by every member of staff who she described as the drivers of the turnaround initiative coupled with the fact, that the Management team of the Company is also dedicated to ensuring that the shareholders of the company get a good return on their investment.
She further reiterated the company’s unwavering commitment to creating value for both shareholders and stakeholders alike.
She said “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”.
Speaking further on its plans, she said:”It is without doubt that Great Nigeria Insurance Plc is unrelenting in its efforts to become one of the country’s most reliable underwriting firms as it continues to seek for ways to optimally cater to its customers through a strengthened capital base, an extensive network of branches and an undaunting passion to continually tap into InsurTech to revolutionize its operations.
.
