Guinea Insurance’s Gross Premium Income Growth Outpaces Industry

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L-R: Alhaji Hassan Dantata, Non-Executive Director, Dr. Mohammed Attahir, Non-Executive Director, Chinenye Nwankwo, Company Secretary, Ugochukwu Godson, Chairman, Ademola Abidogun, Managing Director, Samuel Onukwue Non-Executive Director, Simon Oladayo Bolaji, Non-Executive Director, Edobor Pius, Executive Director, Anthony Achebe, Non-Executive Director.

Guinea Insurance PLC, a prominent player in Nigeria’s insurance industry, held its 65th Annual General Meeting (AGM) on October 27, 2023, at The Providence Hotel in G.R.A., Ikeja, Lagos State. The AGM, under the leadership of Chairman of the Board of Directors, Mr. Ugochukwu Godson, brought together stakeholders, investors, and notable figures from the financial world to discuss critical corporate developments and financial performance.
Mr. Godson skillfully presided over the proceedings, facilitating discussions on both routine and special business matters. Shareholder approvals were sought, and the focal point of the event was the presentation of audited financial statements for the fiscal year concluding on December 31, 2021, alongside comprehensive reports from the board of directors and auditors.
In his address to esteemed shareholders, Mr. Godson reaffirmed the board and management’s unwavering commitment to positioning Guinea Insurance PLC as an attractive investment destination, emphasizing the company’s dedication to achieving profitability.
A retrospective analysis of 2022’s financial performance revealed promising trends for Guinea Insurance PLC. Key highlights included a modest increase in Gross Premium Written, reaching N1.359 billion, signifying a 0.22% improvement over the previous year. Notably, Gross Premium Income displayed substantial growth, surging from N1.34 billion in 2021 to N1.39 billion in 2022, marking an impressive 3.73% increase. Net Premium Income also exhibited substantial growth, reaching N960 million in 2022, a commendable 9.18% increase compared to the N879 million reported in 2021. These achievements were attributed to the company’s strategic expansion into new markets, coupled with enhanced underwriting and risk management practices. Demonstrating their commitment to policyholders, Claims Expenses witnessed a remarkable 194.63% increase during 2022.
However, Guinea Insurance PLC’s strategic expansion initiatives resulted in upfront expenses, including increased operating costs, capital investments, and research and development expenditures. These investments temporarily impacted the company’s financial performance, resulting in a notable increase in Loss After Tax, rising from N23.4 million in 2021 to N64.7 million in 2022, marking a remarkable surge of 176.50%. Income Tax Expense in 2022 witnessed a significant reduction of 78.40%, decreasing to N7.9 million from the N36.5 million recorded in 2021, attributed to the company’s effective tax planning strategies.
Discussing the company’s growth initiatives and development plans, Guinea Insurance PLC’s Chief Executive Officer, Ademola Abidogun, announced the listing of 1,802,800,000 ordinary shares of 50 Kobo each at 50 Kobo per share on the Nigerian Exchange Limited. This increases the total issued and fully paid-up shares of Guinea Insurance Plc from 6,140,000,000 to 7,942,800,000 ordinary shares of 50 Kobo each. Mr. Abidogun emphasized that this move aligns with the company’s proactive approach to secure future growth, increase market share, and maximize returns for investors and partners. He underlined the company’s readiness to leverage this opportunity, strengthening its market position, enhancing customer experience, and focusing on the core business of insurance, specifically underwriting.
The 65th Annual General Meeting not only offered a comprehensive financial review but also shed light on a promising path towards profitability. It underscored

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