Guinea Insurance Plc’s gross premium income decreased by 2.05 per cent from N1.20 billion in 2018 to N1.17 billion in 2019.
Also, its net premium income decreased slightly by 0.27 per cent, from N904.9 million in 2018 to N902.4 million in 2019.
Addressing shareholders at the 62nd virtual Annual General meeting of the company held in Lagos, Guinea Insurance Chairman, Godson Ugochukwu, said the company grew its investment income for the year ended December 31, 2019, by over 50 per cent.
He said this was made possible by the operational efficiency of its management in terms of people, processes and technology,
Specifically, during the period under review, the company’s investment income grew from N139 million in 2018 to N210 million in 2019.
He said the company also efficiently managed its operational expenses which decreased by three per cent, from N904 million in 2018 to N868.6 million in 2019.
Ugochukwu said the company during the period under review, written premium of N1.29 billion was recorded, as against N1.24 billion in 2018.
This represented a modest growth of 4.02 percent
On steps taken by the company to beat the recapitalisation deadline, he stated: “We are sure not to be left behind, discussions are ongoing and our preparedness has reached an advanced stage but could not be discussed prematurely. We are also looking the way of merger and the company is in discussion with core investors”.
Also speaking, Managing Director/Chief Executive Officer, Guinea Insurance, Ademola Abiodun said: “It is the intention of our board and management to identify opportunities amidst the COVID-19 pandemic, we will continually leverage information communication technology to create veritable and easily accessible platforms that will not only deliver services real-time and in a seamless manner but also, will deliver on the numbers.
“Our longevity as a brand has stood the test of time and the values created over the years are embedded in the loyalty and commitment that we have enjoyed from all stakeholders.”
He said the board and management intends to keep Guinea Insurance as a legacy for several generations to come.
“Our strength is made manifest in our passion for high standards and our single-minded determination to emerge a world class enterprise, one with the scope and economies of scale necessary to drive home our unflinching mandate of returning Guinea Insurance on the path of sustainable profitability,” he added.