Guinea Insurance Plc Returns To Profitability, Announces N2.077Bn Revenue

Guinea Insurance PLC, is proud to announce an impressive financial performance for the ended in 2023.

Guinea Insurance reported impressive financial performance in 2023, with a 49.4% increase in Insurance Revenue, rising to ₦2.077 billion from ₦1.390 billion in 2022.

This growth was driven by improved market penetration, new insurance products tailored to customer needs, and enhanced customer retention efforts. Additionally, the Insurance Service Result rose by 13.3%, reaching ₦673.7 million compared to ₦594.4 million in the previous year, reflecting better risk management and efficient claims handling. Investment Income and Other Income surged by 95.4%, from ₦232.6 million in 2022 to ₦454.6 million in 2023, due to strategic investments in diversified portfolios. Operating expenses increased moderately by 8.4%, from ₦862 million in 2022 to ₦935 million in 2023, a result of proactive measures to address inflation, technological investments, and enhanced operational efficiency.

Notably, Profit Before Tax experienced a remarkable turnaround, improving from a loss of ₦75.4 million in 2022 to a profit of ₦499.6 million in 2023, marking an impressive 763% increase.

Profit After Tax also showed significant growth, climbing from a loss of ₦83.3 million in 2022 to a profit of ₦477.7 million in 2023, representing a 673.7% increase.

The figures were made available during its 66th Annual General Meeting (AGM) in Lagos.

The meeting was chaired by Mr. Ugochukwu Godson, SAN, who welcomed stakeholders, investors, and key figures from the financial community to discuss important corporate updates and the company’s financial performance.

During the meeting, Mr. Godson guided discussions on various ordinary and special business items.

Among the ordinary business were the re-election of Directors Mr. Simon Bolaji, Alhaji Hassan Dantata, and Mr. Chukwuemeka Uzoukwu, as well as the ratification of new Directors Mrs. Ogonna Offor Orabueze and Mrs. Chioma Okigbo.

Special business items included the approval of remuneration for Non-executive Directors and the appointment of Crest and Waterfall Consultants Limited as the Board Evaluation Consultant. Shareholder approvals were secured for all agenda items, highlighted by the presentation of the audited financial statements for the fiscal year ending December 31, 2023, along with comprehensive reports from the board and auditors.

In his address, Mr. Godson expressed pride in the board’s and management’s commitment to positioning Guinea Insurance PLC as a prime investment opportunity. He noted that the company has successfully charted a new course, fulfilling its commitments and returning to profitability.

Mr. Abidogun highlighted the company’s ongoing recapitalization efforts, detailing initiatives to secure additional funding, enhance operational efficiency, and expand product offerings. These strategies are part of a vision to elevate the Guinea Insurance brand through the #ComfortAssured Integrated Marketing Campaign. He emphasized that increased funding would enable the company to strengthen its market position, improve customer experience, and deepen its focus on core insurance activities, particularly underwriting.

The 66th Annual General Meeting delivered a comprehensive financial review, highlighting a promising path to sustained profitability. This meeting reaffirmed Guinea Insurance PLC’s dedication to its stakeholders and presented a clear vision for a successful future.