Guinea Insurance targets profit in 2023 on improved performance

Having brought down its loss position in 2020, Guinea Insurance is positive of closing 2023 in strong profitability.

Ademola Abidogun, managing director/CEO, Guinea Insurance Plc said the company has continued to make underwriting profit every year.

If you look at how our loss after tax has reduced in the last three years, from N700 million to N200 million to N20 million, you will discover that based on what we are doing now, we will make profit by the end of the 2023 financial year.”

Abidogun, disclosed this to insurance and pension journalists at the Quarterly CEO forum sponsored by Guinea Insurance Plc in Lagos.

“We are committed to reduce expenses and increase turnover, increase topline and manage underwriting properly with proper reinsurance. We are also looking at businesses that we take and we make sure that we don’t just take any business. We are very optimistic and very deliberate in our analysis. We track expenses, track businesses that we do , we do a lot of analysis to ensure that we change the story.

He said that the company is committed to the satisfaction of customers and the insuring public with prompt settlement of claims as well as improved service delivery.

Accordingly, the company will continue to settle all genuine claims promptly and speedily.

While disclosing the claims payment history of Guinea Insurance, Abidogun said that the company paid total claims of N263 million in 2020.

Read also: Mutual Benefits provides group life insurance for photojournalist

The company also paid total claims of N258 million in 2021, even as it paid total claims of N165 million in 2022.

“We have been paying claims promptly and will continue to do so going forward. What we want to do is to be more visible to the insuring public and meet all their insurance needs.”

On the positive strides of the company, Abidogun noted that Guinea Insurance staff has been outstanding even as he commended them for being very competent and dependable.

He said: “I will also commend the staff for the good work they are doing. If the people are not there to do the work, if people are not connected to the mission of the board, there is nothing anybody can do and it will hamper the progress of the company.

“And the way we are going now, we believe that we will get to that height and we will continue to grow the business.

We have been able to deliver value in terms of CSR too to the community where our head office is located.”

Going forward, Abidogun noted that “It is very important that we position ourselves so that everybody will be able to relate with us and do business with us.”