Guinea Insurance Plc, grew its investment income by 50.5% in the financial year end December, 2019, capturing N210m compared with N139m the previous year.
The board explained that due to operational efficiency in terms of people, processes and technology, investment income for the period under review increased considerably by 50.5% , fro, N139m to N210m. Operational expense of N868.6m was efficiently managed as it resulted in a savings of about 3% when compared to N904m in 2018.
The company’s gross written premium was N1.29b as against N1.24b the previous year , representing an increase of 4.02%. Gross premium income decreased by 2.05% from N1.20b to N1.17b. Net premium income also decreased slightly by 0.27% from N904.9m to N902.4m
Board chairman Godson Ugochukwu profusely thanked God for abounding grace and for the opportunity to participate physically and congregate virtually in the discharge of their shared responsibilities to the company i the face of the global health crisis occasioned by – the novel Coronavirus Covid-19 and its attendant global economic consequences. He also appreciated the shareholders as they continued to keep faith with the company albeit harsh economic realities.
On compliance with recapitalisation deadlines set by NAICOM Ugochukwu said: “We are sure not to be left behind, discussions are ongoing and our preparedness has reached an advanced stage but could not be discussed prematurely. We are also looking the way of merger and the company is in discussion with core investors.
The managing director Ademola Abidogun, also made a potent remark, “It is the intention of our board and management to identify opportunities amidst the Covid-19 pandemic, we will continually leverage platforms that not only deliver services real-time and in a seamless manner but also, will deliver on the numbers. Our longevity as a brand has stood the test of time and the values created over the years are embedded in the loyalty and commitment that we have enjoyed from all stakeholders.
“We intend to keep Guinea Insurance Plc as a legacy for several generations to come, our strength is made manifest in our strength is made manifest in our passion for high standards and our single-minded determination to emerge a world class enterprise, one with the scope and economies of scale necessary to drive home our unflinching mandate of returning Guinea Insurance on the path of sustainable profitability,” he said.
Recorded among the successes of 62nd yearly meeting was the shareholders approval to appoint BDO Professional Services as external auditors; re-election of three directors: Alhaji Hassan Dantata, Dr. Mohammed Tahir Attahir and Mr Anthony Achebe who were to retire by rotation.