Great Nigeria Insurance Announces N10.2 bn Premium

Ebere Nwoji

Great Nigeria Insurance (GNI) Plc said it achieved a Gross Premium Written of N10.2 billion in 2022.

This, according to the company, represented an increase of 19.9 percent over the previous year ‘s turnover of N8.3 billion.

The company’s chairman, Bade Aluko told shareholders at the 52nd Annual General Meeting (AGM) of the company in Lagos, that GNI had continued to tow the path of profitability despite the stiff and challenging operating environment. 

He informed that the company’s underwriting income stood at N9.6 billion in 2022, indicating a 21.6 percent increase over the N7.8 billion of 2021, while claims expenses increased from N2.1 billion in 2021 to N3.3 billion in 2022. 

He said the company’s total assets as at 2022 were valued at N26.9 billion, reflecting an increase of 26.6 percent from the previous year, which stood at N20.6 billion just as the shareholder’s funds which stood at N6.3billion in 2021, increased to N7.3billion in 2022. 

Aluko assured the shareholders that as a forward-looking business entity, GNI would continue to harness all its resources, both human capital and financial, in taking advantage of the opportunities embedded in the insurance market for growth and profitability. 

“It is our plan to also continue to delight our esteemed shareholders and stakeholders alike” he stated.

Also speaking, the Group Managing Director of GNI, Mrs. Olapeju Osipitan, stated that the consciousness of the company’s corporate mandate had constantly kept the management on its toes. 

“We are committed to our vision statement of being the insurance company of choice for keeping promises to stakeholders. With the litany of operating challenges that beset us, our resolve to keep flying stems from the commitment to keep our promise to stakeholders. We understand the height of trust and support from our stakeholders, and we will not relent in proving ourselves worthy of it daily” she said.

She further said the management would ensure that the company kept  retooling, restructuring, and repositioning to keep up with the best global practices in the insurance business.