Guinea Insurance PLC has presented the audited financial statements for the fiscal year concluding on December 31, 2021, alongside comprehensive reports from the board of directors and auditors at its 65th Annual General Meeting (AGM), convened on October 27, 2023.

The meeting held at The Providence Hotel in G.R.A., Ikeja, Lagos State was presided over by Chairman of the Board of Directors, Mr. Ugochukwu Godson and it brought together stakeholders, investors, and key figures from the financial world to discuss pivotal corporate developments and financial performance. Mr. Godson expertly steered the proceedings, overseeing discussions on both ordinary and special business matters. Shareholder approvals were sought.

Reflecting on the financial performance, a retrospective analysis of the year 2022 revealed promising trends for Guinea Insurance PLC. Notable highlights included a modest increase; in 2022 Gross Premium Written was N1.359 billion, indicating a slight 0.22% increase over the N1.356 billion recorded in 2021. However, there was a significant increase in Gross Premium Income, rising from N1.34 billion in 2021 to N1.39 billion in 2022, signifying a substantial 3.73% increase. The growth in Net Premium Income was also notable, as it increased to N960 million in 2022, representing a 9.18% increase over the N879 million recorded in 2021.

This growth was attributed to the company’s expansion into new markets, as well as improved underwriting and risk management practices. As an indication that the company fulfilled its obligations to policyholders by settling their claims efficiently and effectively, Claims Expenses in 2022 amounted to N142 million, which is a 194.63% increase over the N48.2 million recorded in 2021.

However, in order to deliver on its single-minded pursuit of sustainable success and growth, the company evolved and implemented certain expansion plans. It is crucial to note that the company’s expansion initiatives were vital, necessitating substantial upfront expenses such as increased operating costs, capital investments, and research and development expenditures. These factors had a temporary impact on the company’s financial performance, leading to a notable increase in the Loss After Tax. Specifically, the Loss After Tax rose from N23.4 million in 2021 to N64.7 million in 2022, accounting for the significant surge of 176.50%. Income Tax Expense in 2022 was N7.9 million, indicating a significant drop of 78.40% compared to the N36.5 million recorded in 2021, as a result of effective tax planning strategies implemented by the company.

During his address to the esteemed shareholders, Mr. Godson reaffirmed the unyielding commitment of the board and management to positioning Guinea Insurance PLC as an attractive investment destination. The company’s unwavering dedication to charting a course towards profitability was emphasized.

In discussing the company’s growth initiatives and development plans, Guinea Insurance PLC’s Chief Executive Officer, Ademola Abidogun, shared the news that “Guinea Insurance has listed 1,802,800,000 ordinary shares of 50 Kobo each at 50 Kobo per share on the Nigerian Exchange Limited. The total issued and fully paid-up shares of Guinea Insurance Plc have now increased from 6,140,000,000 to 7,942,800,000 ordinary shares of 50 Kobo each.”

Mr. Abidogun emphasized that this move aligns with the company’s proactive approach to securing future growth, increasing market share, and maximizing returns for investors and partners. He explained, “Guinea Insurance PLC is fully prepared to make the most of this opportunity, with more available funds, to further strengthen our market position, enhance the customer experience, and engage more in the core business of insurance, specifically underwriting, which involves collecting businesses, underwriting businesses, and making profit.”

The 65th Annual General Meeting not only presented a detailed financial review but also illuminated a promising path towards profitability. It showcased Guinea Insurance PLC’s steadfast commitment to its stakeholders and its vision for a prosperous future.