Friday, September 19, 2025
24 C
Lagos

Guinea Insurance Grows Investment Income by 50.5% in 2019

R-L: Ranti Oke, DCSL Company Secretaries Limited; Samuel Onukwe, Non Executive Director; Ademola Abidogun, Managing Director/CEO; Pius Edobor, Executive Director, Finance & Administration.

Guinea Insurance PLC recently held its 62nd Annual General Meeting virtually in strict compliance with guidelines and directives issued by the Federal Government of Nigeria, State Government, Health Authorities and Regulatory Agencies, as part of efforts aimed at stemming the spread of COVID-19.

While presenting its 2019 Financial Year results to its shareholders at the meeting, the Company as a consequence, posited the dip experienced in the general economy to be the root cause of the declining revenue pool of Nigerian insurance companies.

It stated that premium payments for the year decreased significantly as in most cases, policies were not renewed for want of disposable income, amongst other economic challenges.  Nonetheless, it recorded modest earnings as Gross Premium Written stood at N1.29 billion in 2019, as against N1.24 billion in 2018, representing an increase of 4.02%.

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, 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 as it resulted in a savings of about 3%when compared to N904 million reported in 2018.

Amongst many other successes recorded during its 2019 AGM; the Company was able to secure its shareholders approval to appoint BDO Professional Services as External Auditors; re-elect three directors namely: Alhaji Hassan Dantata, Dr. Mohammed Tahir Attahir and Mr. Anthony Achebe who were to retire by rotation

In his remark, the Chairman, Board of Directors, Godson Ugochukwu gave thanks to God for His abounding grace and for the opportunity to participate physically and congregate virtually this year in the discharge of their shared responsibilities to the Company in the face of the current global health crisis occasioned by – the Novel Coronavirus (COVID-19) and its attendant global economic consequences. He expressed his heartfelt appreciation to the Company’s shareholders as they continued to keep the faith with Guinea Insurance albeit harsh economic realities.

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, Managing Director/Chief Executive Officer, Guinea Insurance, 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.”

spot_img
spot_img

Hot this week

Designing the Future: Arc Christian Benimana, Prof Taibat Lawanson to Headline Ecobank Design and Build 2025

Ecobank Nigeria has announced that celebrated architect Arc. Christian...

Sovereign Trust Insurance Wins Enactus Catalyst Award

From L-R: Victor Akinfala, Head Partnerships & Special Projects,...

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

Universal Insurance MD/CEO, Jeff Duru, Bags CIBN Associate Membership

  Dr. Jeff Duru Managing Director/CEO Universal Insurance Plc The Managing Director/CEO of...

Sterling One Foundation CEO, Olapeju Ibekwe, Joins Board of UN Global Compact Network Nigeria Ahead of UNGA 80

    Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation,...

Topics

World Bank Raises COVID-19 Response Package to $14bn

  The World Bank and IFC’s Boards of Directors have...

Sterling Bank Cleans Up Nigeria

L-R: Executive Director, Commercial and Institutional Banking, Sterling Bank,...

IATA Names Alexander Juniac as New DG/CEO

The International Air Transport Association (IATA) announced leadership changes...

AIICO Holds Board Meeting on February 20, 2020

   Babatunde Fajemirokun Managing Director/CEO AIICO Insurance Plc AIICO Insurance Plc will hold...

Niger Insurance to Realign Business Model to Spur Growth

Dr. Stephen Dike, Chairman, Niger Insurance Plc told shareholders...

CBN: How PTA to MDAs, Estacodes Gulped $4bn in 2019

The Central Bank of Nigeria (CBN) says government officials...

Ford Unveils SHE-MOVES Empowerment Programme in Lagos

Ford has officially launched SHE-MOVES (Strengthen Her: Mobilising Ventures...

CHI: N4.4bn Claims Payment, N1.4bn Profit in 2022

Mr. Eddie Efekoha, Group Managing Director/CEO, Consolidated Hallmark Insurance...
spot_img

Related Articles

Popular Categories

spot_imgspot_img