Sustainability and CSR

Overview

Guinea Insurance is the preferred financial risks manager in Nigeria with highly trained professionals and a foundation of values that is built on doing the right thing for over six decades. We do realize that a company is a community within a wider society; so we pride ourselves more as a citizen, a neighbour and a leader with a responsibility to make an ongoing, long-term positive impact on the world around us. Our longevity, talent, innovation, focus on the well-being of our stakeholders, and preservation of resources make us ideally aware of the importance of corporate social responsibility and the principles behind sustainable development.

These attributes are foundational to our business and essential to our purpose of creating sustainable outcomes for our various stakeholders – our investors, our agents, our customers, our employees, our communities, and society.

Sustainability – Our Approach​

A well-functioning, sound and stable insurance market is of major importance to society at large, if it is committed to promoting sustainability, as it is central to the company and its stakeholders. Our business strategy is customer focused and everything we do, is for the benefit of our customers. This is evidently projected by the thrust of our vision and mission statement and it informs our resolve to continuously innovate and develop financial solutions that will meet their requirements. Guinea Insurance provides social and economic security to customers through high-quality insurance products and with our social license, we are committed to contributing our quota to the achievement of the SDGs and its implementation in Nigeria

These attributes are foundational to our business and essential to our purpose of creating sustainable outcomes for our various stakeholders – our investors, our agents, our customers, our employees, our communities, and society.

Risk Management and Governance Framework

To be effective, our approach to sustainability is well laid out in the charter of the Enterprise Risk Management & Governance Committee of the Board of Directors; it includes formal responsibility for and oversight of sustainability, corporate responsibility policies, programs and reporting. We employ a risk governance structure, overseen by the Enterprise Risk Management & Governance Committee and managed by Enterprise Risk Management (“ERM”) department. It is aimed at providing a common framework for evaluating the risks embedded in and across our businesses and corporate centers, developing risk appetites, managing these risks and identifying current and future risk challenges and opportunities. The Committee meets quarterly, or more frequently as the case may be, to review ESG goals and progress as well as discuss environmental, social and governance (ESG) issues.

Each of our businesses has a risk governance structure that is supported by a framework at the corporate level. Generally, our businesses are authorized to make day-to-day risk decisions that are consistent with enterprise risk policies and limits, and subject to enterprise oversight. Our governance structure is comprised of the Board and its committees, management committees and ERM and it is designed to support this framework in promoting the transition to a sustainable future, strengthening the trust in our customers and society as well as the ability to provide long term value to shareholders.

Contributing to the UN Sustainable Development Goals (SDGs)

The United Nations Sustainable Development Goals (SDGs) represent a global call to action for stakeholders in all countries to come together and address some of the greatest barriers to sustainable development facing society. As the role business must play has become clearer, the goals have developed into an increasingly important tool for assessing the impacts of companies on society more comprehensively.​

Our approach seeks to integrate ESG concerns by applying company-wide corporate rules and ESG instruments across all our underwriting, investment, and asset management activities. Thus, in the year ended 31st December 2019, initiatives that helped us advance our Sustainable Development strategy were focused on five priority areas: Transforming Commerce, Expanding Access, Investing in Our People, Operating Responsibly and Strengthening Communities. We highlight our progress in each of these areas in the following pages.​

Strengthening Communities

We are committed to using the time, talent and assets of Guinea Insurance to empower consumers, strengthen our local communities and respond in times of need. Our approach leverages our sponsorship, educational programs and the passion of our employees to ensure that our social license is intact.

Employee Involvement

Through volunteerism, street presence exercises tagged  “Guinea Cleans”, staff recognition and other programs;  we were able to engage and empower our employees to give back to our communities.

In 2019, employee volunteers from our Lagos and Abuja offices embarked on the 4th of our street phase cleaning CSR/awareness exercise tagged “Guinea Cleans” aimed at maintaining our social license as a responsible corporate citizen in the neighbourhood.

In our upcountry Abuja Office campaign tagged “showing a human face” food items and many other household items were donated to Fortitude Foundation Orphanage in Lugbe, Abuja and Facado Orphanage in Ado, New Karu, Nasarawa State.

Community Giving

In our corporate head-office area we serve, we provide philanthropic support to locally relevant programs helping to improve lives; focusing on at-risk youth and youth education.

In 2019: “At-risk youths who feel socially isolated from their peers have a higher rate of violent behaviour and depressive thoughts. Our solemn reaction was to provide mentoring and support for the development of skills and interests mentally and physically by building a standard 5-a-Side football pitch. The physical exercise on this pitch brings about a broad spectrum of health and fitness effects that are at least as pronounced as for running, and in some cases even better. Also, positive norms in our local communities, schools, play grounds and society at large are protective factors against risky behaviours from peer group interactions and engagements that ultimately promote the spirit of true sportsmanship.

A roadmap towards achieving coherence and all-inclusiveness in the engagement of our local community was in the front burner in 2019.  Note that this initiative was first activated in 2014 and tagged “Engaging Tomorrow’s Leaders Today” It was aimed at providing a new lease of life to educational institutions at the bottom of the pyramid. We donated an array of educational items to primary schools situated within our business community. Prized gifts were presented as follows: 45 pupils won the special prized item i.e. branded school bags for excelling in any of the following categories: Academics, Sports, Morals, Neatness, Punctuality and Creativity. 41 Academic and Non-academic staff were appreciated for their astute presence of mind, high probity and dogged embrace of positive, organised teaching character and outlook, despite the numerous setbacks elicited by lack of adequate infrastructural facilities in the schools.

Environmental Sustainability

As we pursue our mission to connect the world, Guinea Insurance is committed to doing so in a manner that is responsible, ethical and sustainable. Our environmental sustainability strategy guides our efforts to measure our impact, implement reduction initiatives and report on our progress.

In 2019, Guinea Insurance once again put its social license to work by strategically aligning its corporate responsibility initiative of mitigating the adverse effect of climate change by collaborating with the Lagos State Parks and Gardens (LASPARK) “green initiative” dedicated and committed to providing a beautiful, safe and healthy State as well as engage interested third parties in its environmental programs aimed at sustaining the environment through the establishment of functional parks, gardens, recreational centres etc.

Jibowu Flyover Under-Bridge: construction of soft and hard landscaping/ beautification of the inner and outer environs of the bridge for building a befitting corporate car park aimed at: beautification of the environment with over 30% greenery thereby helping to reduce the effect of global warming and climate change; eradication of untenable traffic obstructions and road hazards supposedly caused by vehicles parked on road sides due to lack of space on the Fadeyi-Jibowu axis; repelled miscreants from using the dark and empty space as hideout and better safeguard human life and properties in Jibowu area of Lagos and its environs.

Jibowu Recreational Park: Partnered with LASPARK in providing potential community benefits that readily come with a recreation center: staying healthy longer; reducing stress: benefits to families: reducing crime rates with children: increasing property value; keeping employees alert and around and promoting cultural diversity.

Jibowu Parks and Gardens: our community investments initiatives are in tune with the global objectives of mitigating suffering, protecting the environment and public infrastructural development hence, our continued collaborative effort with LASPARK maintaining and continuously improving the Jibowu Parks and Gardens to meet global standards in the protection of public lands that have further proven to improve water quality, protect groundwater, prevent flooding, improve the quality of the air we breathe, provide vegetative buffers to development, produce habitat for wildlife, and provide a place for children and families to connect with nature and recreate outdoors.

Operating Responsibly


As a trusted brand in payments, we understand that Guinea Insurance’s responsible business practices are fundamental to our success. They underpin our efforts to propel an expanding world of connected opportunities.

The Company is committed to the principles of Corporate Governance and Code of best practices and therefore takes account of and complies with the principles of good corporate governance. At Guinea Insurance Plc, the Board is committed to full disclosure and transparency in providing information to all stakeholders.

Corporate Governance policies are designed to ensure the protection of the long-term interest of all stakeholders in consideration of this therefore, the Board exercises the best of judgment in policy making, monitoring executive actions and directing the Company’s strategies.

The Company remains committed to ensuring that the implementation of international best practices of Corporate Governance remains strong and unwavering. The Company complied with corporate governance requirements during the year under review as set out below:

The Board has the overall responsibility for ensuring that the highest standards of corporate governance are maintained and complied with. Thus, the policies of the Board are designed to maintain its distinct duty as the link between shareholders and the Company’s management led by the Chief Executive Officer.

Non- Executive Directors are appointed to the Board of Guinea Insurance Plc through a rigorous selection process as defined in the Company’s Board Charter with a clearly defined three (3) year tenure of three (3) terms each.

Investing in Our People

Guinea Insurance’s Mission to provide professional services to our esteemed customers through the introduction of quality products, driven by state-of-the-art technology backed by a group of high-profiled personnel, to maximize returns to shareholders is fuelled by the talent, diversity and dedication of our employees. We are investing in our employees to ensure we remain the employer of choice for the best and the brightest. We are also continually to building a culture that inspires leadership, encourages innovative thinking and welcomes everyone.

Community Giving

Guinea Insurance is a pioneer financial risk solution provider in the Non-life and Special Risks insurance business divisions with consolidated footings in Nigeria since 1948.  Our position is strengthened through the leadership of every employee, no matter their level of employment.

To elevate our leadership culture, in 2019, we introduced the Recognition and Reward (R&R) framework – an important part of our approach to recognising our people and celebrating our achievements and performance. Essentially, the goal of R&R was to reinforce leadership principles that will engender a set of behaviours that guide the way we act.

Training and tools were rolled out to help employees integrate the principles into their day-to-day activities from the level of Team Leads down to subordinates. Daily and weekly internal engagement messages via company email newsletters and digital channels are also used to     build-on and describe the qualities we seek in our employees and prospective candidates, likewise, it also defines what an employee can expect from us as a company.

Guinea Insurance understands that becoming the industry employer of choice requires providing best-in-class in-plant, knowledge sharing and open training and development opportunities, while creating innovative programs that enable a learning culture to flourish.

Diversity and Inclusion

Guinea Insurance is committed to cultivating a workplace culture that offers an inclusive leadership culture, and a diverse and inclusive environment that supports the development and advancement of all.

We foster a feeling of connectedness in the workplace, support diversity of thought, culture and background, fight for important initiatives like Equal Pay and actively work to eliminate unconscious biases that hold us all back.

Through our investments in diversity and inclusion training, and a strong focus on talent development and building an internal and external diverse talent pipeline, we are creating an environment to foster the growth and development of all of our employees. With leadership accountability for building diverse teams that drive added value and innovation, and public disclosure of gender and ethnicity data, we are also affirming our commitment to making Guinea Insurance a diverse and inclusive place for all. In the past year and in the future.



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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.

Contact

Guinea Insurance House
33 Ikorodu Road Jibowu, Lagos.

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