Guinea Insurance Records N907m Gross Premium

By Nse Anthony-Uko

(Sundiata Finance) — Guinea Insurance Plc recorded N907 million Gross Written Premium (GWP) in its 2016 financial statement as against N870 million it reported in 2015, representing 4.18 percentage growth.

The Executive Director, Finance and Administration of the company, Pius Edobor, in a statement on Wednesday added that the firm’s Shareholders’ Fund in 2016 was 2.897billion and N2.899billion in 2015, representing a marginal drop of 0.08 per cent. Profit Before Tax margin of the insurer, he said, grew by 194.64 per cent from N46.9million in 2015 to N138million in 2016.

Profit After Tax, he stressed, grew by 134.87 per cent from N7.2million loss experienced in 2015 to N2.5millon profit recorded in 2016. He added that the company successfully overcame the challenge of solvency margin during the year as its solvency margin stood at N3.014 billion in 2016 as against the previous year 2015 when the solvency margin was N2.98 billion.

Stating that the company was well–positioned to take advantage of the competitive terrain as it continued to progress on the directions and efforts of its board, management and staff, he pointed out that his firm is alive to its responsibilities of consolidating and strategically growing market share through decisive long-term investments and customer engagement initiatives.

“Customer satisfaction is the pivot of our Company’s achievements and this, inevitably builds brand loyalty. We are a formidable team destined for greatness and propelled by a Board of Directors and Management team that keep the faith that there are no limits, there are only plateaus and we will continually strive to remain on the path of profitability and growth,” he promised.

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