By LOVETH AZODO, Lagos
Guinea Insurance PLC has marked a significant return to profitability, reporting a ₦477.7 million profit after tax (PAT) for the fiscal year ending December 31, 2023.
According to a statement signed by the company, the turnaround reflects a substantial improvement from the previous year’s ₦83.3 million loss, a shift attributed to strengthened market penetration, innovative product development, and improved operational efficiencies.
Profit before tax also saw a major increase, rising by 763% to ₦499.6 million in 2023 from a loss of ₦75.4 million in 2022.
The company reported a 49.4% boost in insurance revenue, which climbed from ₦1.390 billion in 2022 to ₦2.077 billion in 2023.
Guinea Insurance attributed this growth to enhanced customer retention strategies and tailored insurance offerings aimed at meeting market demand.
Investment income and other income surged as well, growing by 95.4% to reach ₦454.6 million, driven by strategic diversification efforts.
Meanwhile, the Insurance Service Result rose by 13.3% to ₦673.7 million, reflecting improved risk management and claims processing, while operating expenses grew by a manageable 8.4%, reflecting the company’s focus on inflation control and technological advancement.
Guinea Insurance held its 66th Annual General Meeting recently in Lagos, presided over by the Chairman, Mr. Ugochukwu Godson, SAN, the meeting brought together stakeholders, investors, and industry figures for discussions on the company’s performance, strategy, and corporate governance.
Mr. Godson expressed confidence in the company’s long-term direction and emphasized the board and management’s dedication to achieving consistent growth.
He pointed to the profitability milestone as evidence of Guinea Insurance’s renewed trajectory and called attention to initiatives such as the #ComfortAssured Integrated Marketing Campaign, which aligns with the company’s goals of expanding product offerings and enhancing operational efficiency.
During the AGM, shareholders approved key items on the agenda, including the re-election of Directors Mr. Simon Bolaji, Alhaji Hassan Dantata, and Mr. Chukwuemeka Uzoukwu, as well as the ratification of two new directors, Mrs. Ogonna Offor Orabueze and Mrs. Chioma Okigbo. Additionally, Crest and Waterfall Consultants Limited were appointed as the Board Evaluation Consultant, and remuneration for non-executive directors was approved.
In detailing the company’s recapitalization strategy, Mr. Abidogun emphasized efforts to secure additional funding to fortify Guinea Insurance’s market position and expand its core underwriting activities. The financial results and strategic initiatives presented during the meeting underscore Guinea Insurance’s commitment to driving sustainable growth and enhancing value for its stakeholders.
