Insurance World

Guinea Insurance Grows Gross Income By 27.4 % To N1.34billion

L-R: Ademola Abidogun, MD/CEO, Godson Ugochukwu, Chairman Board of Directors, Chinenye Nwankwo, Company Secretary.

BY NKECHI NAECHE-ESEZOBOR— Guinea Insurance PLC on Wednesday said it was able to grow it’s Gross Premium Income by 27.4% at the end of the financial year ended December, 2021.

According to the company gross premium income appreciated from N1.05billion to N1.34billion in 2021.

While gross premium written grew from N1.08billion at the end of the financial year 2020 to N1.35billion in 2021, indicating 24.8% increase.

Speaking at the 64th hybrid Annual General Meeting (AGM), Chairman of the Board of Directors, Mr. Ugochukwu Godson, said net claims expenses in 2021 was N0.48billion which is a 69.1% improvement over the sum of N1.55billion recorded in 2020. This he said was due to efficient claims management.

However, the company did record a Loss Before Tax of N60 million, this he said is as against N225million recorded in year 2020 representing over 73.3% decrease

Loss After Tax also stood at N23 million, representing a significant drop of 89.9% decrease when compared with the sum of N228million recorded in 2020.

The shareholders also unanimously approved the 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.

He reaffirmed the board’s and management’s commitment to strategically and effectively position the company as an investor’s delight while also propelling it to a profitable height for the financial well-being of its shareholders.

Commenting on the account on behalf of the shareholders, Boniface Okezie, Chairman of the Progressive Shareholders Association of Nigeria, noted that insurance relies on trust and the timely payment of claims.

He praised the company for its efforts in this area as well as for 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.

Also, Ademola Abidogun, the Managing Director/ CEO, in his remark, urged shareholders to see the positive aspects of the upcoming changes.
“With the injection of additional capital,” he asserted, “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 noted that the company had made an effort to keep management costs to a minimum, obtain regulatory approval for the underwriting of agricultural insurance, and reduced operating expenses.

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