Guinea Insurance posts 49.4% growth in revenue

Financial Markets

Guinea Insurance Plc has reported impressive financial performance in 2023, with a 49.4 per cent increase in insurance revenue, rising to N2.077 billion from N1.390 billion in 2022.

The Chairman of the company, Mr. Ugochukwu Godson while speaking at the 66th Annual General Meeting (AGM), attributed the growth to improved market penetration; new insurance products tailored to customer needs, and enhanced customer retention efforts.

Additionally, he said the insurance service result rose by 13.3 per cent, reaching N673.7 million compared to N594.4 million in the previous year, reflecting better risk management and efficient claims handling.

He stated that investment income and other income surged by 95.4 per cent, from N232.6 million in 2022 to N454.6 million in 2023, due to strategic investments in diversified portfolios.

He said: “Operating expenses increased moderately by 8.4 per cent, from N862 million in 2022 to N935 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 N75.4 million in 2022 to a profit of N499.6 million in 2023, marking an impressive 763 per cent increase. Profit after tax also showed significant growth, climbing from a loss of N83.3 million in 2022 to a profit of N477.7 million in 2023, representing a 673.7 per cent increase”.

The Managing Director/CEO, Mr. Ademola Abidogun, highlighted the company’s ongoing recapitalisation efforts, detailing initiatives to secure additional funding, enhance operational efficiency, and expand product offerings.

These strategies, according him 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.