BusinessDay

GNI pulls through hard time, records N1bn profit

Underwriting firm, Great Nigeria Insurance (GNI) Plc has pulled through hard times, recording N1 billion profit before tax at the end of the 2021 financial year, from a loss position of N718 million in 2020.

GNI during the review year recorded a Gross Premium Written of N8.3 billion representing a 16.9 percent increase over N7.1 billion the previous year.

While claims expenses increased from N1.4 billion in 2020 to N2.1 billion in 2021.

Shareholders who gathered at its 51st (hybrid) Annual General Meeting described the performance as success story of that has exceeded their expectations despite the numerous challenges facing the insurance sector in Nigeria.

Some of the shareholders attested to the fact that the Company has shown a lot of tenacity and resilience by preserving its legacy and remaining relevant in the Nigerian insurance industry.

Oyinkansola Sobande, manager, Corporate Communications Brand Management and Customer Service speaking at the post AGM briefing stated that the Company, no doubt has every reason to appreciate all its shareholders for their unwavering faith in the Board and Management of the underwriting company.

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Sobande said the state of affairs of the company will continually improve despite the challenges posed by the economic terrain.

Cecilia O. Osipitan, managing director/CEO of Great Nigeria Insurance Plc attributed the positive performance to the commitment of the staff and management to the turnaround initiative of the Company.

She further reiterated the company’s unwavering commitment to creating value for both shareholders and stakeholders alike. In her words, “the path to achieving growth and sustaining same is not without its challenges, but with the perseverance and doggedness of every member of staff, we were able to overcome and succeed as a team”.

It is without doubt that Great Nigeria Insurance Plc is unrelenting in its efforts to become one of the country’s most reliable underwriting firms as it continues to seek for ways to optimally cater to its customers through a strengthened capital base, an extensive network of branches and an undaunting passion to continually tap into InsurTech to revolutionize its operations.

The Company’s total assets during the review year rose from N15.5 billion to N20.6 billion representing 32.9 percent increase.