L-R: Chinenye Nwankwo, Company Secretary, Godson Ugochukwu, Chairman, Board of Directors, Ademola Abidogun, Managing Director, during the AGM held recently in Lagos.
BY NKECHI NAECHE- ESEZOBOR— Guinea Insurance PLC, a leading player in Nigeria’s insurance industry, said it grew its Profit before Tax by 763% to ₦499.6 million at the end of the financial year ended 31, December 2023.
Mr. Ugochukwu Godson, Chairman of the company disclosed this during its 66th Annual General Meeting (AGM) , held in Lagos, that PBT grew from a loss position of ₦75.4 million in 2022 to a profit of ₦499.6 million in 2023.
While Profit After Tax also showed significant growth, climbing from a loss of ₦83.3 million in 2022 to a profit of ₦477.7 million in 2023, representing a 673.7% increase.
He said insurance Revenue appreciate to ₦2.077 billion from ₦1.390 billion in 2022, indicating 49.4% growth. This growth according to the company was driven by improved market penetration, new insurance products tailored to customer needs, and enhanced customer retention efforts.
Additionally, the Insurance Service Result rose by 13.3%, reaching ₦673.7 million compared to ₦594.4 million in the previous year, reflecting better risk management and efficient claims handling. Investment Income and Other Income surged by 95.4%, from ₦232.6 million in 2022 to ₦454.6 million in 2023, due to strategic investments in diversified portfolios.
He expressed pride in the board’s and management’s commitment to positioning Guinea Insurance PLC as a prime investment opportunity.
He noted that the company has successfully charted a new course, fulfilling its commitments and returning to profitability.
Also Managing Director/ CEC, Ademola Abidogun, highlighted the company’s ongoing re capitalization efforts, detailing initiatives to secure additional funding, enhance operational efficiency, and expand product offerings.
These strategies, according are part of a vision to elevate the Guinea Insurance brand through the #ComfortAssured Integrated Marketing Campaign.
He emphasized that increased funding would enable the company to strengthen its market position, improve customer experience, and deepen its focus on core insurance activities, particularly underwriting.
