Guinea Insurance Grows Profit by 96%

Ebere Nwoji

Guinea Insurance Plc said it delivered an exceptional financial performance in the year ended December 2024 compared to 2023. 

The company in 2024 grew its Profit After Tax by 96 per cent from N477.55 million to N936.55 million. 

According g to the underwriting firm, in the year under review, Gross Premium Written grew by 35.6 percent rising from N2.17 billion in 2023 to N2.94 billion in 2024, driven by growth across key business lines and improved product penetration. Insurance Revenue rose by 36.6 increasing from N2.08 billion in 2023 to N2.84 billion in 2024, reflecting the company’s focus on innovative, customer-centric solutions and enhanced service delivery.

Speaking at the 67th Annual General Meeting, of the company, Chairman of the board, Mr. Temitope Borishade, stated that the 2024 results reflected not only the resilience of the company’s business model but also the collective commitment of its 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,” Borishade stated.