Guinea Insurance Plc has posted a profit before tax of N499.6 million for the financial year ended 2023, representing 63 per cent increase from a loss of N75.4 million posted in 2022.
Mr Ugochukwu Godson, Chairman, Guinea Insurance, announced this at the company’s 66th Annual General Meeting (AGM) on Monday in Lagos.
Godson said that the insurer’s profit after tax also moved from a loss of N83.3 million in 2022 to a profit of N477.7 million in 2023, up by 673.7 per cent.
He added that the insurance firm recorded 49.4 per cent increase in revenue for the 2023 full financial year, rising to N2.08 billion from N1.39 billion posted in 2022.
The chairman said that the growth was driven by improved market penetration, new insurance products tailored to customers needs and enhanced customers retention efforts.
The chairman added that the company’s insurance service result rose by 13.3 per cent in the year under review, reaching N673.7 million.
He said that this when compared with N594.4 million posted in the previous year reflected better risk management and efficient claims handling.
Godson noted that the investment income and other income of the underwriter surged by 95.4 per cent, from N232.6 million in 2022 to N454.6 million in 2023, due to strategic investments in diversified portfolios.
He stated that the insurer’s operating expenses increased moderately by 8.4 per cent, from N862 million in 2022 to N935 million in 2023.
According to him, this is a result of proactive measures to address inflation, technological investments and enhanced operational efficiency.
Godson harped on the insurance company’s board and management’s commitment to positioning Guinea Insurance as a prime investment opportunity.
He noted that the company had successfully charted a new course, fulfilled its commitments and returned to profitability.
In his remark, Mr Ademola Abidogun, Managing Director, Guinea Insurance highlighted the company’s ongoing recapitalisation efforts.
Abidogun said that the underwriting firm planned to secure additional funding, enhance operational efficiency and expand product offerings.
He said tgat these strategies were part of the vision to elevate the Guinea Insurance brand through the #ComfortAssured Integrated Marketing Campaign.
The managing director 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.
Among the ordinary business at the AGM was the re-election of the insurance company directors, namely, Mr Simon Bolaji, Alhaji Hassan Dantata and Mr Chukwuemeka Uzoukwu.
Also, the ratification of new directors which include Mrs Ogonna Offor Orabueze and Mrs Chioma Okigbo.(NAN)
