Guinea Insurance PLC has reported a 49.4 per cent increase in insurance revenue rising to N2.08bn from the 2023 financial year from N1.39bn in 2022.
This was indicated in the statement of profit or loss and other comprehensive income filed with the Nigerian Exchange Limited recently.
A statement from the firm showed that the revenue growth was driven by improved market penetration, new insurance products tailored to customer needs, and enhanced customer retention efforts.
“Additionally, the Insurance Service Result rose by 13.3 per cent, reaching N673.7m compared to N594.4m in the previous year, reflecting better risk management and efficient claims handling.
Investment Income and Other Income surged by 95.4 per cent from N232.6m in 2022 to N454.6m in 2023, due to strategic investments in diversified portfolios. Operating expenses increased moderately by 8.4 per cent, from N862m in 2022 to N935m in 2023, a result of proactive measures to address inflation, technological investments, and enhanced operational efficiency,” the statement partly read.
Notably, Profit Before Tax experienced a remarkable turnaround, improving from a loss of N75.4m in 2022 to a profit of N499.6m in 2023, marking an impressive 763 per cent increase. Profit After Tax also showed significant growth, climbing from a loss of N83.3m in 2022 to N477.7m in 2023, representing a 673.7 per cent increase.
At the company’s 66th Annual General Meeting held in Lagos on Friday, the chair of the meeting, Mr Ugochukwu Godson, SAN, expressed pride in the board’s and management’s commitment to positioning Guinea Insurance PLC as a prime investment opportunity. He noted that the company has successfully charted a new course, fulfilling its commitments and returning to profitability.
The Managing Director/ Chief Executive Officer, Ademola Abidogun highlighted the company’s ongoing recapitalisation efforts, detailing initiatives to secure additional funding, enhance operational efficiency, and expand product offerings.
“These strategies are part of a vision to elevate the Guinea Insurance brand through the #ComfortAssured Integrated Marketing Campaign,” he said.
He emphasised that increased funding would enable the company to strengthen its market position, improve customer experience, and deepen its focus on core insurance activities, particularly underwriting.
During the meeting, some directors were re-elected including Simon Bolaji, Hassan Dantata, and Mr. Chukwuemeka Uzoukwu, as well as the ratification of new directors, Mrs. Ogonna Orabueze and Mrs. Chioma Okigbo.