Underwriting firm, Guinea Insurance Plc, has returned to profitability at the end of the 2023 financial year, increasing its profit before tax (BPT) by 736 percent, moving from a loss of N75.4 million in 2022 to N499.6 million in the review year.
This is as profit after tax also showed significant growth, climbing from a loss of N83.3 million in 2022 to a profit of N477.7 million in 2023, representing a 673.7 percent increase.
Ugochukwu Godson, chairman, Board of Directors, made the disclosure at the 66th Annual General Meeting (AGM) of the company held in Lagos.
He expressed pride in the board’s and management’s commitment to positioning Guinea Insurance PLC as a prime investment opportunity, noting that the company has successfully charted a new course, fulfilling its commitments and returning to profitability.
A further look into the result shows that Guinea Insurance recorded a 49.4 increase in insurance revenue, rising to N2.077 billion from N1.390 billion in 2022. This growth 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 percent, reaching N673.7 million, compared to N594.4 million in the previous year, reflecting better risk management and efficient claims handling.
Investment income and other income surged by 95.4 percent, from N232.6 million in 2022 to N454.6 million in 2023, due to strategic investments in diversified portfolios.
Operating expenses increased moderately by 8.4 percent, from N862 million in 2022 to N935 million in 2023, a result of proactive measures to address inflation, technological investments, and enhanced operational efficiency.
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