Guinea Insurance Achieves 763% Profit Growth in 2023, Highlights Sustainable Path Forward

Samuel Mobolaji

Guinea Insurance PLC has reported a remarkable turnaround in profitability, with a 763% increase in Profit Before Tax, rising from a loss of ₦75.4 million in 2022 to a profit of ₦499.6 million in 2023.

This growth was showcased at the company’s 66th Annual General Meeting (AGM), held at The Providence Hotel in G.R.A., Ikeja, Lagos.

The AGM, chaired by Mr Ugochukwu Godson, SAN, provided an opportunity for stakeholders, investors, and industry leaders to review Guinea Insurance’s financial achievements and plans for continued sustainable growth.

Opening the meeting, Mr Godson led discussions on the company’s financial performance and key corporate updates.

During the AGM, shareholders approved several agenda items, including the re-election of Directors Mr Simon Bolaji, Alhaji Hassan Dantata, and Mr Chukwuemeka Uzoukwu, and ratified the appointments of new Directors Mrs Ogonna Offor Orabueze and Mrs Chioma Okigbo. Other approvals included non-executive directors’ remuneration and the appointment of Crest and Waterfall Consultants Limited as the Board Evaluation Consultant.

A key highlight was Guinea Insurance’s impressive 49.4% growth in insurance revenue, reaching ₦2.077 billion in 2023, up from ₦1.390 billion in 2022.

This growth was attributed to successful market penetration, tailored insurance products, and strong customer retention efforts. The Insurance Service Result rose by 13.3%, standing at ₦673.7 million, up from ₦594.4 million the previous year, reflecting effective risk management and claims handling.

Investment income and other income also saw a substantial increase of 95.4%, climbing from ₦232.6 million in 2022 to ₦454.6 million in 2023, due to strategic investments in a diversified portfolio.

Operating expenses grew moderately by 8.4%, from ₦862 million in 2022 to ₦935 million in 2023, which the company attributed to inflation management, technology investments, and operational efficiency.

In addition to Profit Before Tax, Profit After Tax surged by 673.7%, moving from a loss of ₦83.3 million in 2022 to a profit of ₦477.7 million in 2023.

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

These strategies align with Guinea Insurance’s #ComfortAssured Integrated Marketing Campaign, aimed at reinforcing its market position and enhancing customer experience.

The AGM underscored Guinea Insurance’s commitment to sustainable growth, strong financial performance, and value creation for stakeholders. With a focus on strengthening core insurance activities, especially underwriting, the company has set a promising course for the future.