Guinea Insurance PLC has presented its 2019 Financial Year results to its shareholders at the Company’s 62nd Annual General Meeting (AGM) held virtually recently in strict compliance with COCID-19 guidelines.
During the period under review, the Company recorded modest earnings. The company’s Gross Premium Written rose to N1.29 billion in 2019 from N1.24 billion in 2018, representing an increase of 4.02%; while the Gross Premium Income decreased by 2.05% from N1.20 billion in 2018 to N1.17 billion in 2019.
Net Premium Income also decreased slightly by 0.27% from N904.9 million in 2018 to N902.4 million in 2019 due to operational efficiency in terms of people, processes and technology, while investment income for the period under review increased considerably by 50.5%, from N139 million in 2018 to N210 million in 2019.
Operational Expense of N868.6 million was efficiently managed leading to a savings of about 3% when compared to N904 million spent in 2018.
In his remark, the Chairman, Board of Directors, Mr. Godson Ugochukwu commended the Company’s shareholders for keeping faith with Guinea Insurance in the face of the harsh economic realities occasioned by COVID-19 pandemic.
On steps taken by the Company to meet up with the recapitalisation exercise of NAICOM and to beat the 31 December 2020 and 30 September 2021 deadlines respectively, Godson stated “We are sure not to be left behind, discussions are ongoing and our preparedness has reached an advanced stage but could not be discussed prematurely. We are also looking the way of merger and the Company is in discussion with core investors.
In a closing remark, the Managing Director/Chief Executive Officer, Guinea Insurance, Mr. Ademola Abidogun said “it is the intention of our board and management to identify opportunities amidst the COVID-19 pandemic, we will continually leverage Information Communication Technology to create veritable and easily accessible platforms that will not only deliver services real-time and in a seamless manner but also, will deliver on the numbers. Our longevity as a brand has stood the test of time and the values created over the years are embedded in the loyalty and commitment that we have enjoyed from all stakeholders”.
“We intend to keep Guinea Insurance PLC as a legacy for several generations to come., our strength is made manifest in our passion for high standards and our 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”.
