Tuesday, July 1, 2025
27.1 C
Lagos

Guinea Insurance Reports ₦477.7m Profit in FY 2023

Guinea Insurance Plc has reported a significant 49.4% increase in insurance revenue for FY 2023, rising from ₦1.36 billion in 2022 to ₦2.07 billion. This impressive growth highlights the successful execution of strategic initiatives aimed at expanding market presence and enhancing customer satisfaction.

The revenue surge reflects Guinea Insurance’s commitment to product diversification, improved customer service, and market expansion. The company’s innovative insurance solutions tailored to diverse customer needs have played a key role in this success.

The insurer also announced a remarkable turnaround in its financial performance, achieving a profit after tax of ₦477.7 million for FY 2023. This represents a significant rebound from a loss of ₦83 million in 2022. The turnaround reflects the company’s focus on operational efficiency, cost management, and financial discipline.

This achievement underscores Guinea Insurance’s resilience and ability to adapt and thrive in a competitive market. Strategic initiatives, including streamlined operations and optimised resource allocation, have been crucial to this success.

The underwriter reported a substantial 176% increase in claims incurred, rising from ₦199.3 million in 2022 to ₦549.6 million in 2023. This increase underscores the company’s commitment to promptly addressing policyholder claims and enhancing customer support.

The rise in claims incurred reflects Guinea Insurance’s robust financial health and capability to meet customer expectations during critical times, reinforcing its reputation as a reliable insurance partner.

The company recorded 58.6% improvement in its solvency margin, rising from ₦2.2 billion in 2022 to ₦3.49 billion in 2023. This substantial enhancement underscores the company’s financial stability and capacity to meet long-term obligations with increased confidence.

The improved solvency margin reflects prudent financial management and strategic planning. Guinea Insurance is well-positioned to seize new growth opportunities, invest in innovative solutions, and continue delivering comprehensive insurance solutions.

The insurer achieved an outstanding 34.4% Profit to Gross Written Premium (GWP) ratio for FY 2023. This achievement reflects effective management of premium income and operational efficiency.

The strong performance highlights Guinea Insurance’s ability to convert premium income into substantial profit, showcasing its operational excellence and financial acumen.

The company reported a phenomenal 673% increase in profit for FY 2023, achieving a 34% profit ratio. This dramatic growth reflects the successful execution of strategic initiatives and operational excellence.

The profit surge highlights Guinea Insurance’s strong market position and effective business strategies, demonstrating its dedication to maximising value for clients.

The insurer reported a 13.3% increase in insurance service results, climbing from ₦594 million in 2022 to ₦673 million in 2023. This improvement reflects the company’s commitment to optimising operational efficiency and enhancing customer satisfaction.

The enhanced service results underscore Guinea Insurance’s focus on meeting and exceeding customer expectations, reinforcing its position as a customer-centric insurance provider.

Speaking on its performance, Mr. Ademola Abidogun, Managing Director/CEO, Guinea Insurance commented: “This exceptional revenue growth underscores our agility and innovation in addressing customer needs. We are excited about the future and encourage both current and prospective clients to explore our offerings. Our commitment to delivering greater value remains unwavering.”

“Our significant turnaround highlights our commitment to operational efficiency and financial discipline. We are dedicated to continuing this positive trajectory and invite both existing and potential clients to join us on this journey of delivering exceptional value.”

On its profit surge, he said: “Our phenomenal profit surge is a testament to our strategic effectiveness and operational prowess. This remarkable growth reflects our commitment to delivering unparalleled value and is a clear indication of our continued success in the market.”

spot_img
spot_img
spot_img

Hot this week

SEC Canvasses Advanced Financial Inclusion by 2030

The Securities and Exchange Commission (SEC) has stressed the...

NCDMB to Champion “Nigeria First” Policy in Oil and Gas Sector

The Nigerian Content Development and Monitoring Board (NCDMB) has...

NGX Group Collaborates with German Firm on Sustainable Finance, Economic Growth

Welcome Address by the Chairman, NGX Group, Alhaji (Dr.)...

UN, Sterling One Foundation Lead Coalition Ahead of ASIS 2025

L–R: Mohamed Malick Fall, Assistant Secretary-General and United Nations...

UN, Sterling One Foundation Lead Coalition Ahead of ASIS 2025

L–R: Mohamed Malick Fall, Assistant Secretary-General and United Nations...

Topics

NETCO Posts 137% Increase in Operating Profit for 2023

The NNPC Engineering and Technical Company (NETCO), a subsidiary...

Jonathan, Attah, Others Win Champions of Nigerian Content Awards 

Champions of Nigerian Content Awards:  Former President, Federal Republic...

Study: 61 US Cities’ Retirement Systems Face $217bn Gap

Sixty-one key cities across America have emerged from the...

Epetimehin to deliver inaugural lecture on Micro-insurance @ JABU

Chairman, Mofes Insurance Brokers Limited, Prof Festus Mobolaji Epetimehin  will...

Ukraine’s Economy to Shrink by 50% in 2022-World Bank

Ukrainian refugees on Lviv railway station waiting for train...

Deloitte Named Best Company to Work for in Nigeria 2015

Akintola Williams Deloitte has been named the Best Company to Work for in Nigeria by the prestigious Great Place to Work Institute Nigeria. Deloitte won awards in two different categories: • Best Company to Work for in Nigeria (2015): 1st Position in the category of “Large Population” • Best Practice Awards in Nigeria (2015): in the category of “Delivering Excellence in Learning & Development” Over 100 companies in Nigeria including major multinationals, oil & gas companies and major financial institutions participated in the assessment.

Spectrum Auction Will Democratise Broadband for Nigerians – Danbatta

L-R: Managing Director/Chief Operating Officer, ThisDay Newspapers, Eniola Bello; President, African Public Relations...
spot_img

Related Articles

Popular Categories

spot_imgspot_img