Amaka Obiefuna

Despite the challenging business operating environment in 2024, Guinea Insurance delivered an exceptional financial performance compared to 2023, The Company announced 35.6% growth in its Gross Premium Written from ₦2.17 billion in 2023 to ₦2.94 billion in 2024, driven by growth across key business lines and improved product penetration. During the period, Insurance Revenue rose by 36.6%,

from ₦2.08 billion in 2023 to ₦2.84 billion in 2024, reflecting the company’s focus on innovative, customer-centric solutions and enhanced service delivery. Through prudent investment strategies and effective financial management, the firm’s investment and other income rose by 76.4%, from ₦765.20 million in 2023 to ₦1.35 billion in 2024; Profit Before Tax grew by 81%, moving from ₦499.21 million in 2023 to ₦904.41 million in 2024, while Profit After Tax increased by 96%, from ₦477.55 million to ₦936.55 million, underscoring operational efficiency and disciplined cost control. Shareholders’ Funds also saw substantial growth of 49.3%, rising from ₦3.49 billion in 2023 to ₦5.22 billion in 2024, establishing a stronger financial foundation for future expansion and stability. These figures were disclosed at the Company’s 67th Annual General Meeting (AGM) PLC held virtually yesterday, where shareholders reviewed the company’s performance over the past year and set a clear path for its next phase of growth and transformation. According to a statement by the  firm’s Head, Brand & Corporate Communications, Hanson Ufot, Mr. Temitope Borishade presided over deliberations on a range of ordinary and special business matters at the AGM.

As part of the ordinary business, shareholders ratified Mr  Borishade’s appointment as Chairman of the Company’s Board. They also confirmed the appointments of Mrs. Bernice Izilen Okosun, Mrs. Ijeoma Pearl Okoro, and Dr. Nkemakonam Chukwukaondinaka Okeke as Directors. Furthermore, in line with corporate governance best practices, Mr. Samuel Onukwue was re-elected to the Board following his retirement by rotation. Under special business, shareholders granted approval for the company to raise additional capital when necessary, in line with the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025). This forward-thinking resolution is designed to give the company the flexibility to strengthen its capital base, comply with upcoming regulatory benchmarks, and strategically position itself to compete more effectively and take on larger, more complex businesses as the insurance industry continues to evolve.  Mr. Temitope Borishade, in the statement stated: “Our 2024 results reflect not only the resilience of our business model but also the collective commitment of our stakeholders and workforce. With shareholders now granting approval to raise capital in line with NIIRA 2025, the company is prepared to implement its carefully crafted recapitalisation plan. This will enhance our ability to compete, scale operations, and seize opportunities to grow bigger and deliver greater value to all stakeholders.”  The Board and Management reaffirmed their commitment to sustainable value creation, innovation, and operational excellence, pledging to further deepen customer trust and strengthen Guinea Insurance’s position as a leader in the Nigerian non-life insurance sector.