BY NKECHI NAECHE—ESEZOBOR—-Nigeria’s oldest Insurer, Guinea Insurance Plc, said it expects to grow gross premium written for the fourth quarter (4Q) ending 31st December 2023 by 95.1% to N2.652billion when compared to N1.359 billion it reported in same period of Q4 2022.
The insurer disclosed this to dealing members on the floor of Nigerian Exchange Group projecting a gross premium income growth of 64% to N2.307billion when compared to N1.403 billion reported in same quarter of 2022.
The notice revealed that is forecasting a net premium of N1.829 billion when compared to N950,357 million reported in the same period, this showing an increase of 92%.
Net underwriting income is projected to grow at N1.980billion when compared to N1.103billion in same period of Q4 2022 this indicating a growth of 79.5 percent growth.
The insurer is setting its eyes on profit after tax of N520,374 million as against a loss of N16.355 million reported in 2022 while profit before tax is projected to stand at N533,635 million against loss of N23.156 million at the end of fourth quarter ending 31 December, 2022.
The insurer made investors know that is targeting to grow its underwriting profit by 85.7 percent to stand at N1.123billion against N604,579million in same period.
Guinea Insurance traded 2,033,000 shares at 0.29 kobo in nine deals, valued N589,470.00 at the close of trading on the floor of the exchange on 15th September, 2023.
The insurer commenced the year with a share price of 0.20 NGN and gained 45% on that price valuation, with its fourth quarter projections, Guinea Insurance can also be seen as investors toast for the remaining part of the year.