February 3, 2023



Guinea Insurance coverage positions for profitability

The Board and Administration of Guinea Insurance coverage Plc has reaffirmed its dedication to strategically and successfully place the corporate as an investor’s delight and worthwhile for its shareholders.

Chairman of the Board of Administrators, Ugochukwu Godson, gave the reassurance throughout the sixty fourth Annual Normal Assembly (AGM) of the corporate held in Lagos.

Godson expressed optimism, stating that the corporate was already on the comeback path to profitability as funds had been injected to strengthen its monetary base and improve her capability for transacting large-scale enterprise offers.
Whereas presenting the working outcomes for the yr underneath assessment, the chairman moved that regardless of the various difficulties and operational challenges encountered all year long, the corporate was in a position to climate the storm and proceed on the trail of development.

Gross Premium Written was N1.35 billion, representing a 24.8 per cent improve over the N1.08 billion recorded in 2020.
He stated that Internet Claims Bills in 2021 was N0.48 billion which is a 69.1 per cent enchancment over the sum of N1.55 billion recorded in 2020. This was on account of environment friendly claims administration.

The corporate did document a Loss Earlier than Tax of N60 million. That is as towards N225 million recorded in yr 2020 representing over 73.3 per cent lower.

Loss After Tax additionally stood at N23 million, representing a major drop of 89.9 per cent lower compared with the sum of N228 million recorded in 2020.
Talking on behalf of the shareholders, Boniface Okezie, chairman of the Progressive Shareholders Affiliation of Nigeria, famous that insurance coverage depends on belief and the well timed fee of claims.

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He praised the corporate for its efforts on this space in addition to for sustaining its customary perspective of accountability, responsiveness, and dedication to the welfare of policyholders always.

Managing Director/CEO, Ademola Abidogun, in his comment, urged the corporate’s shareholders to see the optimistic features of the upcoming modifications.
“With the injection of further capital,” he asserted, “our firm is now nicely positioned to draw and transact bigger parts of latest companies.”

It’s simple that buyers at this time are shifting and favoring simplicity greater than ever earlier than; consequently, our funding roadmap in expertise and digital transformation is motivated by the necessity to give prospects the liberty to buy dependable insurance coverage merchandise with none geographical restrictions, he stated.