Guinea Insurance positions for profitability

The Board and Management of Guinea Insurance Plc has reaffirmed its commitment to strategically and effectively position the company as an investor’s delight and profitable for its shareholders.

Ugochukwu Godson, chairman of the Board of Directors, gave the assurance during the 64th Annual General Meeting (AGM) of the company held in Lagos

Godson expressed optimism, stating that the company was already on the comeback trail to profitability as funds had been injected to strengthen its financial base and increase her capacity for transacting large-scale business deals.

While presenting the operating results for the year under review, the chairman moved that despite the many difficulties and operational challenges encountered throughout the year, the company was able to weather the storm and continue on the path of growth.

Gross Premium Written was N1.35billion, representing a 24.8 percent increase over the N1.08billion recorded in 2020.

He said that Net Claims Expenses in 2021 was N0.48 billion which is a 69.1 percent improvement over the sum of N1.55billion recorded in 2020. This was due to efficient claims management.

The company did record a Loss Before Tax of N60 million. This is as against N225million recorded in year 2020 representing over 73.3 percent decrease.

Loss After Tax also stood at N23million, representing a significant drop of 89.9 percent decrease when compared with the sum of N228million recorded in 2020.

Read also: Insurance – a solution to prohibitive arbitration costs in a challenged economy

Speaking on behalf of the shareholders, Boniface Okezie, chairman of the Progressive Shareholders Association of Nigeria, noted that insurance relies on trust and the timely payment of claims.

He praised the company for its efforts in this area as well as for maintaining its customary attitude of accountability, responsiveness, and commitment to the welfare of policyholders at all times.

Ademola Abidogun, managing director/CEO in his remark, urged the company’s shareholders to see the positive aspects of the upcoming changes.

“With the injection of additional capital,” he asserted, “our company is now well positioned to attract and transact larger portions of new businesses.”

It is undeniable that consumers today are shifting and favoring simplicity more than ever before; as a result, our investment roadmap in technology and digital transformation is motivated by the need to give customers the freedom to purchase reliable insurance products without any geographical restrictions, he said.