Guinea Insurance plc, said it grew its profit after tax (PAT) by 134.87 percent from N7.2million loss experienced in 2015 to N2.5millon profit recorded in 2016.
The company, also said its profit before tax (PBT) grew by 194.64 percent from N46.9million in 2015 to N138million in 2016.
The company’s Chairman Godson Ugochukwu, who disclosed this at the 59th annual general meeting of the company held in Kano, said Shareholders’ Funds in 2016 was N2.897billion and N2.899billion in 2015, representing a marginal drop of 0.08 percent.
He said that the company grew its Gross Written Premium by 4.18 percent from N870million in 2015 to N907million achieved in 2016.
He reaffirmed the commitment and resolve of the board to grow the company through strategic deployment of its distinctive competencies to gain competitive edge in the market place.
Ugochukwu underlined as modest, the remarkable operational and financial successes the board and management of the company were able to achieve in less than a year despite the prevailing harsh economic realities on ground within the period.
â€œAs pledged in year 2015, we positioned ourselves for the future and initiated rigorous actions to get Guinea Insurance out of the woods and guided to a path of profitability. Therefore, the company was able to grow its Gross Written Premium by 4.18 percent from N870million in 2015 to N907million achieved in 2016.
Given this performance, the Guinea Insurance Chairman said: “Our 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 year 2015, when the solvency margin was N2,981,596,000 (
“Given what could be described as a sweeping pass as regards the remarkable feat of courage that was displayed by its board, shareholders were overtly hopeful that the trend would endure and the company will continue to consolidate its footing in the industry.â€
He pledged to continually focus on building capacity, repositioning the brand, building a tribe of loyal customers who will become the companyâ€™s brand ambassadors and ultimately transform the company to a world class enterprise.
Speaking, acting Managing Director of the company, Mrs. IsiomaOmoshie-Okokuku charged stakeholders of the company to look on the bright side of new things to come as the board was raring to go with its continuous growth and development initiatives.
â€œToday, I can stand before you and make bold that the newly constituted board and present-day management team of our company, have come together as a formidable force to pull out all the stops on our path to success.
“We believe we are competing to win, our strength lies in our passion for high standards and determination to become a world class enterprise with the scope and economies of scale necessary to serve the financial and risk management requirements of our numerous customers; many of whom trade not just in domestic markets, but regionally and throughout sub-Saharan Africa.â€ As we move into the future,we will definitely be at the vanguard of positive changes”, she pledged.