Guinea Insurance Records Gross Premium Growth By 24.8%

According to Guinea Insurance Plc, its written gross premium increased by 24.8% during the 2021 financial year.

During the company’s 64th annual general meeting in Lagos, which was held virtually, the chairman of the board of directors, Mr Ugochukwu Godson, said this:

He said in a statement, “Despite the many difficulties and operational challenges encountered throughout the year, the company was able to weather the storm and continue on the path of growth.

“Gross premium written was N1.35bn, representing a 24.8 per cent increase over the N1.08bn recorded in 2020.”

He provided more information about the financial performance, stating that the gross premium income increased by 27.4% from N1.05 billion to N1.34 billion in 2021.

Due to effective claims management, the net claims expenses in 2021 were N0.48 billion, down from the N1.55 billion recorded in 2020, he added.

The chairman said, “The company did record a loss before tax of N60m. This is as against N225m recorded in year 2020 representing over 73.3 per cent decrease. Loss after tax also stood at N23m, representing a significant drop of 89.9 per cent decrease when compared with the sum of N228m recorded in 2020.”

The Managing Director and Chief Executive Officer, Ademola Abidogun, urged the company’s shareholders to see the positive aspects of the upcoming changes.

“With the injection of additional capital, our company is now well positioned to attract and transact larger portions of new businesses,” he said.

He gave the shareholders assurance that the board and management were committed to strategically and successfully positioning the business as an investor’s joy while also advancing it to a profitable level for the benefit of its stockholders’ financial security.

Insurance relies on trust and the prompt settlement of claims, said Boniface Okezie, Chairman of the Progressive Shareholders Association of Nigeria in his remarks on behalf of the shareholders.

He praised the business for its efforts to uphold its commitment to the welfare of policyholders and its attitude of accountability, responsiveness, and responsibility.

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