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Chuks Udo Okonta
Guinea Insurance Plc said it has secured
approval of the industry regulators – National Insurance Commission (NAICOM); Securities and Exchange Commission (SEC), and Nigerian Exchange Group (NGX), for a completion board meeting and private placement initiative paving way for issuance of 1,802,800,000 Ordinary Shares at 50 Kobo per share.
The Chief Executive Officer (CEO) Guinea Insurance Plc, Ademola Abidogun, underscored the significance of the private placement initiative in harnessing emerging opportunities and enhancing value for all stakeholders.
He noted that the initiative was consistent with the Company’s proactive approach to securing future growth, increasing market share and its dedication to maximizing returns for investors and partners.
Guinea Insurance Plc is fully prepared to make the most of this opportunity to further fortify our market position, enhance customer experience, and open doors to even greater possibilities.
“Our resolute commitment to success and the results of it can be seen from the Company’s performance in Q2 of 2023. The Company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics.
“Remarkable boosts were seen in Insurance Contract Revenue (36.54%), Insurance Service Result (57.00%), and Net Investment Income (44.51%).
“The transformation of Profit/(Loss) Before and After Income Tax was especially striking, showing an impressive turnaround from loss to profit by 132.2% and 125.96 per cent, respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the Company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider,” he said.
He submitted that the regulatory approval demonstrates Guinea Insurance Plc’s dedication to its stakeholders and unwavering pursuit of sustainable growth, while remaining attentive to industry trends and opportunities.
