Great Nigeria Insurance bags N2bn profit after tax

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Chuks Udo Okonta

Great Nigeria Insurance Plc (GNI) has reported an impressive financial performance for the year ended December 31, 2023, recording a ₦2 billion profit after tax and a 254 per cent increase in net investment income, despite prevailing economic headwinds.

The Chairman Great Nigeria Insurance Plc Bade Aluko, at the firm’s 2023 Annual General Meeting in Lagos, said the results reflected the company’s resilience and strategic management amid both global and domestic challenges.

According to him, GNI’s net investment income surged from ₦1.3 billion in 2022 to ₦4.6 billion in 2023, while profit after tax jumped from a loss of ₦736 million in 2022 to a profit of ₦2 billion in 2023.

“Our organisation gallantly thrived through the avalanche of economic woes that swept businesses globally and locally since the pandemic and the Russia-Ukraine war. Despite these challenges, we have emerged profitable, as reflected in our books,” Aluko stated.

He noted that while insurance revenue declined slightly by 3.8 per cent, from ₦2.6 billion in 2022 to ₦2.5 billion in 2023, insurance service expenses rose by 33 per cent from ₦1.5 billion to ₦2 billion, reflecting the impact of inflation and operational expansion.

Aluko further explained that the 2023 financials were prepared under the new International Financial Reporting Standard (IFRS) 17, which replaced IFRS 4 effective January 2023, in compliance with regulatory requirements.

He reaffirmed the company’s commitment to sustaining its growth trajectory, saying, “We have maintained a rare display of courage and resilience thus far, and we will continue to give it all it takes to ensure we keep thriving in all our business expressions.”