Guinea Insurance post N62.5m loss as premium shrinks 42.88 percent

Guinea Insurance Plc, a Nigerian insurer, recorded disappointing first quarter results with a loss of N62.5 million after tax while gross premium income shrank 42.88 percent. For the first three months through March 2014, the company’s gross premium income plummeted by 42.88 percent to N127.71 million from N223.62 million the same period of the corresponding year (Q1) 2014. The insurance industry is begging for innovative products from its operators as the sector contributed a paltry 0.57 percent to the GDP of $510 (N80.22 trillion).

 

 

Bala Augie