Tuesday, September 2, 2025
23.1 C
Lagos

Guinea Insurance Holds 66th AGM, Pledges a Future of Sustained Profitability

L-R: Ademola Abidogun, Managing Director, Samuel Onukwue, Non-Executive Director, Chioma Okigbo, Non-Executive Director at the 66th Annual General Meeting (AG) of Guinea Insurance Plc in Lagos.

Guinea Insurance Plc, a leading player in Nigeria’s insurance industry, convened its 66th Annual General Meeting (AGM) at Ikeja, Lagos State.

The meeting was chaired by Mr. Ugochukwu Godson (SAN), who welcomed stakeholders, investors, and key figures from the financial community to discuss important corporate updates and the company’s financial performance.

During the meeting, Mr. Godson guided discussions on various ordinary and special business items. Among the ordinary business were the re-election of Directors Mr. Simon Bolaji, Alhaji Hassan Dantata, and Mr. Chukwuemeka Uzoukwu, as well as the ratification of new Directors Mrs. Ogonna Offor Orabueze and Mrs. Chioma Okigbo. Special business items included the approval of remuneration for Non-executive Directors and the appointment of Crest and Waterfall Consultants Limited as the Board Evaluation Consultant.

Shareholder approvals were secured for all agenda items, highlighted by the presentation of the audited financial statements for the fiscal year ending December 31, 2023, along with comprehensive reports from the board and auditors.

In his address, Mr. Godson expressed pride in the board’s and management’s commitment to positioning Guinea Insurance Plc as a prime investment opportunity. He noted that the company has successfully charted a new course, fulfilling its commitments and returning to profitability.

Guinea Insurance reported impressive financial performance in 2023, with a 49.4% increase in Insurance Revenue, rising to ₦2.077 billion from ₦1.390 billion in 2022.

This growth was driven by improved market penetration, new insurance products tailored to customer needs, and enhanced customer retention efforts. Additionally, the Insurance Service Result rose by 13.3%, reaching ₦673.7 million compared to ₦594.4 million in the previous year, reflecting better risk management and efficient claims handling. Investment Income and Other Income surged by 95.4%, from ₦232.6 million in 2022 to ₦454.6 million in 2023, due to strategic investments in diversified portfolios. Operating expenses increased moderately by 8.4%, from ₦862 million in 2022 to ₦935 million in 2023, a result of proactive measures to address inflation, technological investments, and enhanced operational efficiency.

Notably, Profit Before Tax experienced a remarkable turnaround, improving from a loss of ₦75.4 million in 2022 to a profit of ₦499.6 million in 2023, marking an impressive 763% increase. Profit After Tax also showed significant growth, climbing from a loss of ₦83.3 million in 2022 to a profit of ₦477.7 million in 2023, representing a 673.7% increase.

Mr. Abidogun highlighted the company’s ongoing recapitalisation efforts, detailing initiatives to secure additional funding, enhance operational efficiency, and expand product offerings. These strategies are part of a vision to elevate the Guinea Insurance brand through the #ComfortAssured Integrated Marketing Campaign.

He emphasised that increased funding would enable the company to strengthen its market position, improve customer experience, and deepen its focus on core insurance activities, particularly underwriting.

The 66th Annual General Meeting delivered a comprehensive financial review, highlighting a promising path to sustained profitability. This meeting reaffirmed Guinea Insurance Plc’s dedication to its stakeholders and presented a clear vision for a successful future.

 

spot_img
spot_img

Hot this week

Ecobank Nigeria @ 40: Group Unveils N60m in Cash Rewards Program for Customers

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

GOCOP 2025: Conference on Governance Challenges, Prospects Set for October 9

The Guild of Corporate Online Publishers (GOCOP) has announced...

NCC Advances Cybersecurity Framework to Safeguard Nigeria’s Telecom Infrastructure

L-R: President, International Youth Parliament, Hon. Promise Digos; Chief...

Northwest: The Lion’s Share of Tinubu’s Projects

By Tanimu Yakubu Director-General Budget Office of the Federation The Lagos Illusion The...

From Devaluation to Domination: How Tinubu’s Exchange Rate Reforms Turned the Naira into Nigeria’s Export Engine

By Tanimu Yakubu When President Bola Ahmed Tinubu’s administration...

Topics

Interswitch Extols First Bank For Sustaining 100m Monthly Transactions Milestone

Interswitch Group, Africa’s leading digital payments and commerce company...

Nigeria Power Council Adopts Sustainable Energy Agenda

The Nigeria National Council of Power (NACOP) has adopted...

Abbey Mortgage Bank Records N76m Profit in Q1 2021

L-R: Mobolaji Adewumi, Executive Director, Finance and Admin; Lolita...

Global PC Market Declines to 2011 Level

Worldwide PC shipments (desktops, notebooks, two in ones and...

Study: Global Telecoms Revenue Targets $2.7 Trillion in 2018

The global telecommunications industry was not immune to economic...
spot_img

Related Articles

Popular Categories

spot_imgspot_img