Thursday, November 7, 2024
25.5 C
Lagos

Guinea Insurance Holds 66th AGM, Pledges a Future of Sustained Profitability

L-R: Ademola Abidogun, Managing Director, Samuel Onukwue, Non-Executive Director, Chioma Okigbo, Non-Executive Director at the 66th Annual General Meeting (AG) of Guinea Insurance Plc in Lagos.

Guinea Insurance Plc, a leading player in Nigeria’s insurance industry, convened its 66th Annual General Meeting (AGM) at Ikeja, Lagos State.

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.

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.

Mr. Abidogun highlighted the company’s ongoing recapitalisation 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 emphasised 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.

 

spot_img
spot_img
spot_img

Hot this week

Awele Elumelu Seeks Increased Female Leadership in Insurance Sector

L-R: Lady Margaret Moore, President, Africa Insurance Women Association...

NCDMB ES, Lagos Gov Commission Bell Oil and Gas’ Pipe Threading, Valve Assembly Plant

A multi-million-dollar pipe threading and valve assembly facility built...

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Polaris Bank's commitment to digital innovation and excellence has...

Veritas Kapital Assurance Reports 117% Profit Growth in Q3 2024, Underscoring Resilience, Strategic Excellence

Veritas Kapital Assurance Plc has announced a remarkable financial...

SUNU Nigeria’s Free Mammogram/Breast cancer Screening Receives Positive Feedback

SUNU Assurances Nigeria Plc, a leading insurance company and...

Topics

Emirates Celebrates the Spirit of Africa with Latest Brand Campaign

Emirates has launched a pan-African brand advertising campaign that...

Wema Bank Unveils Upgraded ALAT for Business Digital Banking App

Wema Bank Plc, Nigeria's leading innovative bank, has launched...

U.S. is No. 1 Source of Spam Emails, Down 11.4% in 2O15

According to the latest Kaspersky Lab Security Bulletin, the...

REX Insurance Unveils New Brand Identity, Commissions Head Office

REX Insurance Limited has officially unveiled its new corporate...

Sovereign Trust Insurance Targets Sustainable Growth in 2022

L-R: Olaotan Soyinka, MD/CEO, Sovereign Trust Insurance Plc; Kayode...

MTN Plans $96m Network Upgrade in Ghana

MTN Ghana will this year, proceed to the modernisation...

Union Bank Unveils New Branch in Lagos

As part of efforts to deliver simpler and smarter...

NDIC to Host African Deposit Insurance Leaders to Strengthen Operational Resilience

The Nigeria Deposit Insurance Corporation (NDIC) is scheduled to...
spot_img

Related Articles

Popular Categories

spot_imgspot_img