Kindly leave a comment and share
Guinea Insurance Plc has reported impressive financial performance in 2023, with a 49.4 per cent increase in Insurance Revenue, rising to N2.077 billion.
The Chairman of the firm Ugochukwu Godson, SAN, disclosed this at the 66th Annual General Meeting (AGM) held in Lagos.
The Chairman welcomed stakeholders, investors and key figures from the financial community to discuss important corporate updates and the company’s financial performance.
During the meeting, Godson guided discussions on various ordinary and special business items. Among the ordinary business were the re-election of Directors Simon Bolaji, Alhaji Hassan Dantata, and Chukwuemeka Uzoukwu, as well as the ratification of new Directors Mrs. Ogonna Offor Orabueze and Mrs. Chioma Okigbo.
Special business items included the approval of remuneration for Non-executive Directors and the appointment of Crest and Waterfall Consultants Limited as the Board Evaluation Consultant.
Shareholder approvals were secured for all agenda items, highlighted by the presentation of the audited financial statements for the fiscal year ending December 31, 2023, along with comprehensive reports from the board and auditors.
In his address, Godson expressed pride in the board’s and management’s commitment to positioning Guinea Insurance Plc as a prime investment opportunity.
He noted that the company has successfully charted a new course, fulfilling its commitments and returning to profitability.
Guinea Insurance reported impressive financial performance in 2023, with a 49.4 per cent increase in Insurance Revenue, rising to N2.077 billion from N1.390 billion in 2022.
This growth was driven by improved market penetration, new insurance products tailored to customer needs, and enhanced customer retention efforts.
Additionally, the Insurance Service Result rose by 13.3 per cent reaching ₦673.7 million compared to N594.4 million in the previous year, reflecting better risk management and efficient claims handling.
Investment Income and Other Income surged by 95.4 per cent, from N232.6 million in 2022 to N454.6 million in 2023, due to strategic investments in diversified portfolios. Operating expenses increased moderately by 8.4%, from N862 million in 2022 to N935 million in 2023, a result of proactive measures to address inflation, technological investments, and enhanced operational efficiency.
Notably, Profit Before Tax experienced a remarkable turnaround, improving from a loss of N75.4 million in 2022 to a profit of N499.6 million in 2023, marking an impressive 763 per cent increase.
Profit After Tax also showed significant growth, climbing from a loss of N83.3 million in 2022 to a profit of N477.7 million in 2023, representing a 673.7 per cent increase.
Abidogun highlighted the company’s ongoing recapitalisation efforts, detailing initiatives to secure additional funding, enhance operational efficiency, and expand product offerings.
These strategies are part of a vision to elevate the Guinea Insurance brand through the #ComfortAssured Integrated Marketing Campaign.
He emphasized that increased funding would enable the company to strengthen its market position, improve customer experience, and deepen its focus on core insurance activities, particularly underwriting.
The 66th Annual General Meeting delivered a comprehensive financial review, highlighting a promising path to sustained profitability. This meeting reaffirmed Guinea Insurance PLC’s dedication to its stakeholders and presented a clear vision for a successful future.
