BY NKECHI NAECHE-ESEZOBOR—Despite the harsh economic condition, Great Nigeria Insurance Plc, was able to grow its Net Investment Income by 254% to N4.6 billion.
Bode Aluko, Chairman of the company disclosed this during its 53rd Annual General Meeting held recently in Lagos that Net Investment Income rose from N1.3 billion achieved in previous year of 2022 to N4.6 billion.
According to him profit after tax which was reported as -N736 million in 2022 took a leap in 2023 to the tune of N2 billion.
On future of the industry he said “The future of Nigeria’s insurance industry will likely be shaped by four powerful forces: regulatory upgrades like IFRS 17), economic reforms, technology adoption-creating both challenges and big opportunities – and the e newly signed Nigerian Insurance Industry Reform Act (NIIRA) 2025.
He further said that “IFRS 17 will change the dynamics of insurance performance reporting going forward. The takeout will be greater transparency and investor confidence. By standardizing how insurers measure and report performance, IFRS 17 should boost investor trust, attract foreign capital, a n d help t h e market compare companies more easily. This will expectedly widen the dragnet for the insuring public, thereby, aiding more penetration.”
He thanked the shareholders for their unwavering support. “Together, w e have navigated challenges, embraced reforms, and pursued opportunities that will shape t h e future of our company a n d our industry. As w e look ahead, I a m confident that with our shared vision, collective resilience, and steadfast commitment t o excellence, we will achieve e v e n greater heights.”
