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Friday, November 25, 2022

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Great Nigeria Insurance: N21bn Total Assets, N8.3bn Premium, N1bn Profit in 2021

Great Nigeria Insurance Plc recently hosted its 51st Annual General Meeting in Lagos.

Due to COVID-19 protocols, the Company convened a hybrid meeting of virtual and physical participants.

Shareholders gathered to be part of what they described as the success story of a Company that has exceeded their expectations despite the numerous challenges associated with the Nigerian insurance sector both at the micro and macro-economic levels.

Some of the shareholders attested to the fact that the Company has shown a lot of tenacity and resilience by preserving its legacy and remaining relevant in the Nigerian insurance industry.

The Company’s Spokesperson and Manager, Corporate Communications, Brand Management and Customer Service, Ms. Oyinkansola Sobande shared this information during a press parley shortly after the event. She stated that the Company, no doubt has every reason to appreciate all its shareholders for their unwavering faith in the Board and Management of the underwriting company and that the state of affairs will continually improve despite the challenges posed by the economic terrain.

Certainly, Great Nigeria Insurance Plc must have defied all odds as the Company continues to post an impressive performance year in, year out. The drive to continue to uphold a strategic and comprehensive growth strategy still forms the bedrock upon which the company is built.

Amidst the various challenges that characterised the industry within the year, Great Nigeria Insurance Plc was able to record a Gross Premium Written of N8.3 billion representing a 16.9% increase over the N7.1 billion recorded in 2020. The Claims Expenses increased from N1.4 billion in 2020 to N2.1 billion in 2021. Underwriting expenses declined drastically during the period under review.

In the same vein, the company recorded a Profit Before Tax of N1 billion as against a loss of N718 million in the previous year. In addition, the company’s total assets rose from N15.5 billion to N20.6 billion representing 32.9% increase. The composition of the assets was well structured to position the company for better future performance.

The Managing Director/CEO of Great Nigeria Insurance Plc, Mrs. Cecilia O. Osipitan has attributed the positive performance to the commitment shown by every member of staff who she described as the drivers of the turnaround initiative coupled with the fact, that the Management team of the Company is also dedicated to ensuring that the shareholders of the company get a good return on their investment. She further reiterated the company’s unwavering commitment to creating value for both shareholders and stakeholders alike.

In her words, “the path to achieving growth and sustaining same is not without its challenges, but with the perseverance and doggedness of every member of staff, we were able to overcome and succeed as a team.”

It is without doubt that Great Nigeria Insurance Plc is unrelenting in its efforts to become one of the country’s most reliable underwriting firms as it continues to seek for ways to optimally cater to its customers through a strengthened capital base, an extensive network of branches and an undaunting passion to continually tap into InsurTech to revolutionize its operations.

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