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Guinea Insurance Records N43m Profit After Tax in Nine Months
By Goddy Egene
Guinea Insurance Plc yesterday announced a profit after tax of N43.449 million for the nine months ended September 30, 2016, showing an increase compared with N40.9 million recorded in the corresponding period of 2015.
Details of the results showed the insurance firm recorded gross written premium of N664 million, down from N711million, while net written premium fell from N673 million to N514 million in 2016.
However, the company reduced certain expenses which led to a higher bottom-line. For instance, claims expenses fell from N118 million to N63 million, while under writing expenses declined from N189 million in 2015 to N153 million in 2016. Consequently, the company ended the nine months with a bottom-line of N43.49 million, up from N40.9 million in 2015.
The company last month got the nod of National Insurance Commission (NAICOM) to hold its 58th annual general meeting (AGM) following the approval of its annual financial reports and Accounts for year 2015.
The company, in a statement said: “We are alive to our responsibilities of consolidating and strategically growing market share through decisive long-term investments and customer engagement initiatives. In spite of the daunting challenges in the operating environment, we have remained focused and true to our ideals of becoming an insurer of first choice. We will determinedly build capacity, explore opportunities within the industry and strategically set our internal processes on the path of returning to profitability.”
Guinea Insurance further reassured all stakeholders that the newly appointed crop of eminent Nigerians and professionals as members of the Board of Directors have set a growth agenda which is aimed at positioning the insurance company on a higher pedestal that will further propel confidence, equitable service delivery and offer gratifying returns on investments to all stakeholders.
Shareholders of Guinea Insurance Plc appointed Isioma Omoshie as acting managing director. They also approved new directors following the exit of the chairman and four directors, who have served for over nine years on the board of the company.
According to the company, the restructuring was to ensure sound business practice and effective compliance with all statutory requirements and the code of good corporate governance as stipulated in section 5.04 (vii) of the 2009 Corporate Governance Code of NAICOM.
The company recently disclosed its resolve to support growth and development in the insurance industry. As part of the support, Guinea Insurance strategically partnered the Chartered Insurance Institute of Nigeria (CIIN) to ensure that the recently held street presence exercise in Lagos was seamless and successful.
