• Sunday, December 03, 2023
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Great Nigeria Insurance records N10.2bn gross premium

Great Nigeria Insurance records N10.2bn gross premium

Great Nigeria Insurance(GNI) Plc has achieved a Gross Premium Written of N10.2 billion in 2022, representing an increase of 19.9 percent over the previous year‘s turnover of N8.3 billion.

Bade Aluko, chairman of the company made the disclosure during the 52nd Annual General Meeting of the underwriting outfit in Lagos.

He stated stated that the company has continued to tow the path of profitability despite the stiff and challenging operating environment.

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Aluko also disclosed that its underwriting income stood at N9.6 billion in 2022, indicating a 21.6 percent increase over the N7.8 billion of 2021, while claims expenses increased from N2.1 billion in 2021 to N3.3 billion in 2022.

The company’s total assets as of 2022 were valued at N26.9 billion, reflecting an increase of 26.6 percent from the previous year, which stood at N20.6 billion just as the shareholder’s funds which stood at N6.3billion in 2021, increased to N7.3billion in 2022.

As a forward-looking business entity, Aluko assured that the organisation will continue to harness all its resources, both human and financial capital, in taking advantage of the opportunities embedded in the insurance market for growth and profitability. It is our plan to also continue to delight our esteemed shareholders and stakeholders alike.

In a similar vein, Olapeju Osipitan, group-managing director of GNI, stated “The consciousness of our corporate mandate constantly keeps us on our toes. We are committed to our vision statement of being the insurance company of choice for keeping promises to stakeholders.

“With the litany of operating challenges that beset us, our resolve to keep flying stems from the commitment to keep our promise to stakeholders. We understand the height of trust and support from our stakeholders, and we will not relent in proving ourselves worthy of it daily. We will ensure that our company will keep retooling, restructuring, and repositioning to keep up with the best global practices in the insurance business. Our commitment to training and retraining our staff to acclimatise with current demands in technology and remain competitive will not wane. We will continue to aspire to higher levels of astuteness and assiduousness with all our customers and in all our business engagements. Our pledge to you, dear esteemed shareholders, is to meet your expectations. We will not fail you.”

While pointing out that the level of insurance penetration in Nigeria is still lower than 1 percent, she counselled that awareness through effective sensitisation is the key that will unlock the limitless mines of opportunities that lie untapped both for industry players and potential customers alike.

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Osipitan further charged stakeholders in the insurance industry to take all necessary steps in constantly widening the net through unrelenting campaigns and sensitisations, stressing that the insurance operators must take all proactive measures to educate the people on the dividends of insurance cover.