GNI Gross Premium up by 11.7% to N1,020.4bn in 2017 from N913.4m in 2016; plans to celebrate 60th Anniversary

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Guinea Nigeria Insurance (GNI) plc has announced a growth in its Gross Premium Income by 11.7 per cent from N913.4 million in 2016 to N1,020.4 billion in 2017.

While addressing shareholders at its 60th Annual General Meeting held recently in Benin City, Edo, the Chairman of company Barr. Godson Ugochukwu assured that the board is fully committed to growing the company.

Ugochukwu also announced plans to celebrate the 60th Anniversary of the underwriting firm.

“This year also marks the 60th Anniversary of our Company. Soon enough, you will begin to see signs of the upcoming grand celebrations as you move around major cities in the country. You will agree with me that 60 years is a milestone of epic proportions. There are only a few insurance companies in Nigeria that can boast of such a rich history, wealth of experience and consistent longevity.


“To this end, the Board and Management have resolved to use the 60th celebrations of our beloved company to further stamp our footprints even more indelibly in the landscape of the insurance industry in Nigeria,” Ugochukwu said.

Net Premium Income grew by 15 per cent from N649.5 million in 2016 to N747.1 in 2017, while Underwriting Profit grew from N453.4 million recorded in 2016 to N501.1 in 2017 representing a growth rate of 11 per cent.

Claims paid on various classes of insurance decreased by 47per cent from N304.9 million in 2016 to N161.5 million in 2017, due to operational efficiency in terms of people, processes, technology and communications.

In spite of the economic headwinds that characterized the period under review, the underwriter said its Investment Income recorded a marginal decline of 3per cent from N215.5 in 2016 to N208.3 in 2017.

The company posted a Profit Before Tax (PBT) increase of 35per cent from N176.3 million in 2016 to N237.8 million in 2017; even as it recorded a whopping Profit After Tax (PAT) increase of 518per cent from N40.6 million in 2016 to N251.0 million in 2017.

The insurer’s Solvency Margin grew by 13per cent from N3.0 billion in 2016 to N3.4 billion in 2017, while Shareholders’ Fund stood at 16per cent from N2.9 billion in 2016 to N3.4 billion in 2017.

The Chairman noted that at the company’s philosophy of delivering value to its shareholders without compromising service standard remains sustainable.

“We are an upwardly mobile company, peopled with skilled professionals, our strength is made manifest in our passion for high standards and the single-minded determination to emerge a world class enterprise, one with the scope and economies of scale necessary to drive home our unflinching mandate of returning Guinea Insurance on the path of sustainable profitability. This avowal is evident in the underwriter’s 2017 performance metrics.”

The forthcoming 60th anniversary celebration to further consolidates GNI position in the industry, he reiterated.

 

 

The Caption Photo: The Great Nigeria Insurance, Chairman Board of Directors, Barr. Godson Ugochukwu;


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