L-R: Non-Executive Director, Alhaji Hassan Dantata, Executive Director, Corporate & Legal Services, Mrs. Isioma Omoshie-Okokuku, Chairman Board of Directors, Barr. Godson Ugochukwu; Company Secretary/Legal Adviser
BY NKECHI NAECHE—–Shareholders of Guinea Insurance Plc has applauded the outstanding performance of it’s board of directors for the financial year ended 31st December 2017.
Addressing shareholders at the its 60th Annual General Meeting held recently in Benin City, Edo State,the Chairman of company Barr. Godson Ugochukwu, said that the board is committed to grow the company.
He also announced plans to celebrate the 60th Anniversary of the underwriting firm.
He said : “This year also marks the 60th Anniversary of our Company! Soon enough, you will begin to see signs of the upcoming grand celebrations as you move around major cities in the country… you will agree with me that 60 years is a milestone of epic proportions. There are only a few insurance companies in Nigeria that can boast of such a rich history, wealth of experience and consistent longevity. To this end, the Board and Management have resolved to use the 60th celebrations of our beloved Company to further stamp our footprints even more indelibly in the landscape of the insurance industry in Nigeria”.
The National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie called on the board of Guinea Insurance to continue to keep the faith even in the face of harsh economic realities as the reward for work well done is the opportunity to do even more.
He said that the outstanding performance was indicative of the company’ readiness to be re-positioned for profitability.
On its financial performance, the underwriting firm grew it’s Gross Premium Income by 11.7% from N913.4 million in 2016 to N1,020.4 billion in 2017.
Net Premium Income also grew by 15% from N649.5 million in 2016 to N747.1 in 2017, while Underwriting Profit grew from N453.4 million recorded in 2016 to N501.1 in 2017 representing a growth rate of 11%. Claims paid on various classes of insurance decreased by 47% from N304.9 million in 2016 to N161.5 million in 2017, due to operational efficiency in terms of people, processes, technology and communications.
In spite of the economic headwinds that characterized the period under review, the underwriter said its Investment Income recorded a marginal decline of 3% from N215.5 in 2016 to N208.3 in 2017.
The company posted a Profit Before Tax increase of 35% from N176.3 million in 2016 to N237.8 million in 2017; better still, it recorded a whopping Profit After Tax increase of 518% from N40.6 million in 2016 to N251.0 million in 2017.
The insurer’s Solvency Margin grew by 13% from N3.0 billion in 2016 to N3.4 billion in 2017, while Shareholders’ Fund stood at 16% from N2.9 billion in 2016 to N3.4 billion in 2017.
The Chairman noted that at the company’s philosophy of delivering value to its shareholders without compromising service standard remains sustainable.
He said: “we are an upwardly mobile company, peopled with skilled professionals, our strength is made manifest in our passion for high standards and the single-minded determination to emerge a world class enterprise, one with the scope and economies of scale necessary to drive home our unflinching mandate of returning Guinea Insurance on the path of sustainable profitability. This avowal is evident in the underwriter’s 2017 performance metrics.”
At the close of the meeting the shareholders unanimously re- elected three directors namely: Alhaji Hassan Dantata; Mr. Osita Chidoka and Mr. Chukwuemeka Uzoukwu.
