Guinea Insurance PLC rose from its virtual Sixty-Seventh (67th) Annual General Meeting, with a clear path for its next phase of growth and transformation, commitment to implement the endorsed recapitalisation by Nigerian Industry Reform Act (NIIRA 2025).
The meeting chaired by its board chairman, Mr. Temitope Borishade not only approved the 2024 result which he acknowledged “reflect not only the resilience of our business model but also the collective commitment of our stakeholders and workforce.” The resolution to recapitalise the company stated is designed to give it 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.
The performance for the year under review showed that gross premium written grew by 35.6%, rising from ₦2.17 bn in 2023 to ₦2.94 bn in 2024, driven by growth across key business lines and improved product penetration. Insurance revenue rose by 36.6%, increasing from ₦2.08 bn to ₦2.84 bn, reflecting the company’s focus on innovative, customer-centric solutions and enhanced service delivery.
On investment and other incomes figures show 76% climb from ₦765.20 million to ₦1.35 bn. Profit before tax rose sharply by 81%, moving from ₦499.21 million to ₦904.41 million, 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 bn to ₦5.22 bn, establishing a stronger financial foundation for future expansion and stability.
Board Chairman, Mr. Borishade, while acknowledging the resilience of our business model and the collective commitment of our stakeholders and workforce, he said 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 company also 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.
Featured picture: L-R: Bernice Okosun – Non-Executive Director, Ijeoma Okoro – Non-Executive Director, Ademola Abidogun – Managing Director / CEO, Temitope Borishade – Chairman, Board of Directors, Chinenye Nwankwo – Company Secretary, Samuel Onukwue – Non-Executive Director, Pius Edobor – Executive Director, Ogonna Offor-Orabueze – Executive Director.
