Great Nigeria Insurance bolden’s growth plan as PAT hits N2bn

L-R: Yinusa Abdulrahman, director, Great Nigeria Insurance (GNI) Plc; Olajumoke Bakare, company secretary; Bade Aluko, chairman; Osipitan Cecilia Olapeju, group managing director/CEO; Archbishop Alaba Job, Director, and Roslyne Ulaeto, managing director, during the 53rd annual general meeting of Great Nigeria Insurance Plc in Lagos

Great Nigeria Insurance Plc (GNI) has defied the odds, boldly charting a growth path fueled by strategic investments, operational resilience, and regulatory alignment.

As one of Nigeria’s long-standing insurance firms, GNI is demonstrating a renewed commitment to performance with N2 billion profit from a loss position of N736 million in 2022.

The company is positioning itself for long-term success amid sector reforms and economic headwinds, according to Bade Aluko, chairman of the Board of Directors.

Aluko speaking at the Company’s Annual General Meeting (AGM) in Lagos, where it considered the 2023 financial result said the results reflected the company’s resilience and strategic management amid both global and domestic challenges.

According to him, GNI’s net investment income surged from N1.3 billion in 2022 to N4.6 billion in 2023, while profit after tax jumped from a loss of N736 million in 2022 to a profit of N2 billion in 2023.

“Our organisation gallantly thrived through the avalanche of economic woes that swept businesses globally and locally since the pandemic and the Russia-Ukraine war.

He noted that while insurance revenue declined slightly by 3.8 per cent, from N2.6 billion in 2022 to N2.5 billion in 2023, insurance service expenses rose by 33 per cent from N1.5 billion to N2 billion, reflecting the impact of inflation and operational expansion.

Aluko further explained that the 2023 financials were prepared under the new International Financial Reporting Standard (IFRS) 17, which replaced IFRS 4 effective January 2023, in compliance with regulatory requirements.

He reaffirmed the company’s commitment to sustaining its growth trajectory, saying, “We have maintained a rare display of courage and resilience thus far, and we will continue to give it all it takes to ensure we keep thriving in all our business expressions.”

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.