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 has always lived up to its name; consistently one step ahead of the industry in the provision of better and affordable risk management solutions. We are a major player in the provision of first-rate financial risk solutions in the General and Special Risks business underwriting categories. We have established a reputation for exceptional competence in the delivery of customer-centric services and product innovation. With a strong capital base, highly qualified professionals, and modern technology, Guinea Insurance PLC became widely acknowledged for speed and efficiency and thus, remained the preferred insurer for individual and corporate clientele seeking premium insurance and related financial services to date.

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Guinea Insurance House
33 Ikorodu Road Jibowu, Lagos.

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