L-R: Bernice Okosun – Non-Executive Director, Ijeoma Okoro – Non-Executive Director, Ademola Abidogun – Managing Director / CEO, Temitope Borishade – Chairman, Board of Directors, Chinenye Nwankwo – Company Secretary, Samuel Onukwue – Non-Executive Director, Pius Edobor – Executive Director, Ogonna Offor-Orabueze – Executive Director.
Guinea Insurance Plc has held its Sixty-Seventh (67th) Annual General Meeting virtually, where shareholders reviewed the company’s performance over the past year and set a clear path for its next phase of growth and transformation.
During the meeting, Mr. Temitope Borishade presided over deliberations on a range of ordinary and special business matters. As part of the ordinary business, shareholders ratified his appointment as Chairman of the Board.
They also confirmed the appointments of Mrs. Bernice Izilen Okosun, Mrs. Ijeoma Pearl Okoro, and Dr. Nkemakonam Chukwukaondinaka Okeke as Directors. Furthermore, in line with corporate governance best practices, Mr. Samuel Onukwue was re-elected to the Board following his retirement by rotation.
Under special business, shareholders granted approval for the company to raise additional capital when necessary in line with the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025). This forward-thinking resolution is designed to give the company the flexibility to strengthen its capital base, comply with upcoming regulatory benchmarks, and strategically position itself to compete more effectively and take on larger, more complex businesses as the insurance industry continues to evolve.
Despite a challenging operating environment in 2024, Guinea Insurance delivered an exceptional financial performance compared to 2023. Gross Premium Written grew by 35.6%, rising from ₦2.17 billion in 2023 to ₦2.94 billion in 2024, driven by growth across key business lines and improved product penetration. Insurance Revenue rose by 36.6%, increasing from ₦2.08 billion in 2023 to ₦2.84 billion in 2024, reflecting the company’s focus on innovative, customer-centric solutions and enhanced service delivery.
Prudent investment strategies and effective financial management generated remarkable results, with Investment and Other Income climbing 76.4%, from ₦765.20 million in 2023 to ₦1.35 billion in 2024. Profit Before Tax rose sharply by 81%, moving from ₦499.21 million in 2023 to ₦904.41 million in 2024, while Profit After Tax increased by 96%, from ₦477.55 million to ₦936.55 million, underscoring operational efficiency and disciplined cost control. Shareholders’ Funds also saw substantial growth of 49.3%, rising from ₦3.49 billion in 2023 to ₦5.22 billion in 2024, establishing a stronger financial foundation for future expansion and stability.
Speaking on the events of the AGM, the Board Chairman, Mr. Temitope Borishade, stated: “Our 2024 results reflect not only the resilience of our business model but also the collective commitment of our stakeholders and workforce. With shareholders now granting approval to raise capital in line with NIIRA 2025, the company is prepared to implement its carefully crafted recapitalisation plan. This will enhance our ability to compete, scale operations, and seize opportunities to grow bigger and deliver greater value to all stakeholders.”
The Board and Management reaffirmed their commitment to sustainable value creation, innovation, and operational excellence, pledging to further deepen customer trust and strengthen Guinea Insurance’s position as a leader in the Nigerian non-life insurance sector.
