Guinea grows investment income by 50.5%

Guinea Insurance Plc’s investment income grew by 50.5 per cent, from N139 million in 2018 to N210 million in the 2019 financial year end.

Operational expenses of N868.6 million were also managed as it resulted in a savings of about three per cent compared to N904 million reported the previous year.

The company’s Gross Premium Written  increased from N1.24 billion in 2018 to N1.29 billion last year, an increase of 4.02 per cent.

Also, the Gross Premium Income decreased by 2.05 per cent from N1.20 billion in 2018 to N1.17 billion last year.

Net Premium Income decreased slightly by 0.27 per cent from N904.9 million in 2018 to N902.4 million last year.

The Chairman, Godson Ugochukwu, spoke while presenting the 2019 Financial Year results to its shareholders at the company’s 62nd Annual General Meeting (AGM).

He said the dip in the economy was responsible for the declining revenue of insurance firms.

It stated that premium payments for the year decreased significantly as in most cases, policies were not renewed for want of disposable income, among other economic challenges.

On steps taken by the company to meet the recapitalisation of the National Insurance Commission (NAICOM)and beat the December 31, 2020 and September 30, 2021 deadlines, Ugochukwu said the company is set to surpass the requirements of the regulatory authorities.

He said: “We are sure not to be left behind; discussions are ongoing and our preparedness has reached an advanced stage but could not be discussed prematurely.

“We are also looking at the way of merger and the company is in discussion with core investors.’’

Exceprt from The Nation Online

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Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51% majority shares before the indigenization decree of 1976, reversed the holding to 60% Nigerian interest, 40% overseas.

The Overseas Shareholders divested their 40% holding to existing Nigerian Shareholders in 1988 thereby making the Company 100% Nigerian.

Contact

Guinea Insurance House
33 Ikorodu Road Jibowu, Lagos.

Copyright © 2020 Guinea Insurance Company Limited RC1808. Authorised & Regulated by the National Insurance Commission RIC N0. - 017