Guinea Insurance Premium Hits N2.94bn As Shareholders Approve Recapitalisation Plan

Guinea Insurance Plc shareholders person approved the company’s raising further superior erstwhile necessary, successful accordance with the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
The shareholders, astatine the company’s 67th yearly wide gathering (AGM) held virtually, said this support would springiness the insurer flexibility to fortify its superior base, comply with upcoming regulatory benchmarks, and strategically presumption itself to vie much efficaciously and instrumentality connected larger, much analyzable businesses arsenic the security manufacture continues to evolve.

This is adjacent arsenic the Gross Premium Written(GPW) grew by 35.6 per cent, rising from N2.17 cardinal successful 2023 to N2.94 cardinal successful 2024, driven by maturation crossed cardinal concern lines and improved merchandise penetration.
Insurance Revenue roseate by 36.6 per cent, expanding from N2.08 cardinal successful 2023 to N2.84 cardinal successful 2024, reflecting the company’s absorption connected innovative, customer-centric solutions and enhanced work delivery.
Prudent concern strategies and effectual fiscal absorption generated singular results, with Investment and Other Income climbing 76.4 per cent, from N765.20 cardinal successful 2023 to N1.35 cardinal successful 2024. Profit Before Tax roseate sharply by 81 per cent, moving from N499.21 cardinal successful 2023 to N904.41 cardinal successful 2024, portion Profit After Tax accrued by 96 per cent, from N477.55 cardinal to N936.55 million, a improvement the insurer said underscores operational ratio and disciplined outgo control.
Shareholders’ Funds besides saw important maturation of 49.3 per cent, rising from N3.49 cardinal successful 2023 to N5.22 cardinal successful 2024, establishing a stronger fiscal instauration for aboriginal enlargement and stability.
Speaking connected this development, the chairman, Temitope Borishade, stated, “Our 2024 results bespeak not lone the resilience of our concern exemplary but besides the corporate committedness of our stakeholders and workforce.

With shareholders present approving to rise superior successful enactment with NIIRA 2025, the institution is prepared to instrumentality its cautiously crafted recapitalisation plan. This volition heighten our quality to compete, standard operations, and prehend opportunities to turn bigger and present greater worth to each stakeholders.”

As portion of the mean business, shareholders ratified Temitope Borishade’s assignment arsenic the committee chairman. They besides confirmed the appointments of Bernice Izilen Okosun, Ijeoma Pearl Okoro, and Dr. Nkemakonam Chukwukaondinaka Okeke arsenic directors. At the aforesaid time, Samuel Onukwue was re-elected to the committee pursuing his status by rotation.