NAICOM Approves 2016 Accounts of Guinea Insurance

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Ebere Nwoji

The National Insurance Commission (NAICOM) has approved 2016 financial accounts of Guinea Insurance Plc.
This was confirmed in a statement issued by the Executive Director, Finance and Administration of the underwriting firm Mr. Pius Edobor .

According to him, the approval was contained in a letter dated July 6, 2017 and signed on behalf of the Commission by its Director (Supervision) Mr. Olufemi Oba.

Edobor affirmed that the company was well–positioned to take advantage of the competitive terrain as it continued to progress on the directions and efforts of its board, management and staff.

“We are alive to our responsibilities of consolidating and strategically growing market share through decisive long-term investments and customer engagement initiatives. Against the background of a complicated national economic environment in the financial year ended December 31, 2016, the company delivered a relatively good underlying performance”.

According to him, the underwriting firm grew its Gross Written Premium by 4.18 percent from N870million in 2015 to N907million achieved in 2016. Shareholders’ fund in 2016 was N2.897billion and N2.899billion in 2015, representing a marginal drop of 0.08 percent. Profit before tax margin grew by 194.64 percent from N46.9million in 2015 to N138million in 2016. Profit after tax grew by 134.87 percent from N7.2million loss experienced in 2015 to N2.5millon profit recorded in 2016.

He explained that the company successfully overcame the challenge of solvency margin during the year as its solvency margin stood at N3,014,791,000 in 2016 as against the previous year 2015 when the solvency margin was N2,981,596,000.