The written gross premium of Guinea Insurance Plc appreciated by 24.8 per cent in the 2021 financial period as net claims expenses in 2021 stood at N0.48bn, an improvement over N1.55bn recorded in 2020 due to efficient claims management.
This was disclosed by the chairman of the board of directors, Mr. Ugochukwu Godson, during the company’s 64th annual general meeting in Lagos, which was held virtually.
Godson 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.
“The company’s Gross premium written was N1.35bn, representing a 24.8 per cent increase over the N1.08bn recorded in 2020.”
Giving more details of the financial performance, he said gross premium income rose from N1.05bn to N1.34bn in 2021, representing a 27.4 per cent increase.
The chairman said, “The company did record a loss before tax of N60m. This is as against N225m recorded in the year 2020 representing over a 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 assured the shareholders of the board’s and management’s commitment to strategically and effectively position the company as an investors’ delight, while also propelling it to a profitable height for the financial well-being of its shareholders.
Speaking on behalf of the shareholders, the Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie, noted that insurance relied on trust and the timely payment of claims.
He commended the company for its efforts in maintaining its attitude of accountability, responsiveness, and commitment to the welfare of policy holders.