Guinea Insurance holds AGM, records N1.35bn as gross premium

Guinea Insurance PLC, has said that despite the many difficulties and operational challenges encountered throughout the year, the company was able to weather the storm and continue on the path of growth.

According to figures presented by the Chairman of the Board of Directors of the company, Mr. Ugochukwu Godson, Gross Premium Written was N1.35 billion, representing a 24.8 per cent increase over the N1.08 billion recorded in 2020. Gross Premium Income rose from N1.05 billion to N1.34 billion in 2021 representing a 27.4 per cent increase.

The Net Claims Expenses in 2021 was N0.48 billion which is a 69.1 per cent improvement over the sum of N1.55 billion recorded in 2020. This was due to efficient claims management.

The company did record a Loss before Tax of N60 million. This is as against N225 million recorded in 2020 representing over 73.3 per cent decrease.

Loss after Tax also stood at N23 million, representing a significant drop of 89.9 per cent decrease when compared with the sum of N228 million recorded in 2020.

The shareholders agreed to increase issued and allocated share capital to 7,942,800,000 ordinary shares of 50 Kobo each, effective as of August 16, 2022.

The AGM was held both physically and virtually.

The Chairman expressed his opinion in this regard, stating that the company was already on the comeback trail to profitability as funds had been injected to strengthen its financial base and increase its capacity for transacting large-scale business deals.

He assured shareholders of the management’s commitment to position the company as an investor’s delight while also propelling it to a profitable height for the financial well-being of its shareholders.

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