Board of Directors, Guinea Insurance Plc has affirmed their commitment to reposition the underwriting company for growth and higher profitability.
The company, which marks its 60 years anniversary this year, says it has resolved to use the celebration to further stamp its footprints and landscape across different parts of the country.
Godson Ugochukw, chairman of the company who spoke at its 60th Annual General Meeting held in Benin, the Edo State Capital said noted that 60 years is a major milestone in the life of any institution, stating that, there are only a few insurance companies in Nigeria that can boast of such a rich history, wealth of experience and consistent longevity.
Ugochukw said that the underwriting firm’s gross premium income went up 11.7 percent from N913.4 million in 2016 to N1,020.4 billion in 2017, while net premium income also grew by 15 percent from N649.5 million in 2016 to N747.1 in 2017.
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Underwriting Profit grew from N453.4 million recorded in 2016 to N501.1 in 2017 representing a growth rate of 11 percent. Claims paid by Guinea Insurance on various classes of insurance decreased by 47 percent from N304.9 million in 2016 to N161.5 million in 2017, which according to the company was due to operational efficiency in terms of people, processes, technology and communications.
Investment Income recorded a marginal decline of 3 percent from N215.5 million in 2016 to N208.3 million in 2017.
The company’s profit before tax increased by 35% from N176.3 million in 2016 to N237.8 million in 2017, while the profit after tax increased by 518 percent from N40.6 million in 2016 to N251.0 million in 2017.
The underwriter’s zest to be over and done with the challenge of solvency margin received a boost in the year under review, as shareholders’ fund rose 16 percent from N2.9 billion in 2016 to N3.4 billion in 2017.
Ugochukwu also further noted that the company’s philosophy of delivering value to its shareholders without compromising service standard remains sustainable.
He said: “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”.
