Guinea Insurance Assures of Improved Performance

Ebere Nwoji

Guinea Insurance Plc has expressed its resolve to remain on the path of profitability by designing innovative insurance products that will attract massive patronage and boost its earnings.

The company’s Chairman, Godson Ugochukwu, stated this at the 60th Annual General Meeting of the company held in Benin City, Edo State recently.

Ugochukwu, also announced plan to celebrate the 60th anniversary of the underwriting firm.
“This year also marks the 60th Anniversary of our company. Soon, you will begin to see signs of the upcoming grand celebrations as you move around major cities in the country.

“You will agree with me that 60 years is a milestone of epic proportions. There are only a few insurance companies in Nigeria that can boast of such a rich history, wealth of experience and consistent longevity.

“To this end, the board and management are resolved to use the 60th celebrations of our beloved company to further stamp our footprints even more indelibly in the landscape of the insurance industry in Nigeria,” the Guinea Insurance chairman stated.

Presenting the company’s financial performance to the shareholders, Ugochukwu, said Guinea Insurance, in the year 2017 grew its premium by 11.7 per cent, from N913.4 million in 2016, to N1.020 billion in 2017.
According to him, the company also grew its Net Premium Income by 15 per cent, from N649.5 million in 2016, to N747.1 in 2017.

He further said its underwriting profit grew from the N453.4 million recorded in 2016, to N501.1 in 2017.
This represented a growth of 11 per cent. While Claims Paid by the company during the period decreased by 47 per cent, from N304.9 million in 2016 to N161.5 million in 2017,.

He attributed this to the company’s operational efficiency in terms of people, processes, technology and communications,

Ugochukwu, further noted that in spite of the economic headwinds that characterised the period under review, the underwriter firm , recorded a marginal decline of three per cent in its investment income.

On the other hand, the company, recorded a remarkable improvement in its profit before tax which increased by 35 per cent, from N176.3 million in 2016, to N237.8 million in 2017;

Profit after tax increased by 518 per cent, from N40.6 million in 2016, to N251.0 million in 2017.

According to him, Guinea Insurance Solvency Margin grew by 13 per cent, from N3 billion in 2016 to N3.4 billion in 2017, while its Shareholders’ Fund rose by 16 per cent, from N2.9 billion in 2016 to N3.4 billion in 2017.
He maintained that the company’s philosophy of delivering value to its shareholders without compromising service standard remains sustainable.

“We are an upwardly mobile company, peopled with skilled professionals, our strength is made manifest in our passion for high standards and the single-minded determination to emerge a world class enterprise, one with the scope and economies of scale necessary to drive home our unflinching mandate of returning Guinea Insurance on the path of sustainable profitability”. This avowal is evident in the underwriter’s 2017 performance metrics, he stated.