Guinea Insurance Plc, embarked on the voyage of turnaround in 2022 with the injection of fresh N900 million into its capital, and it is following this with impending listing 1.8 billion shares.
The Managing Director/Chief Executive Officer of the insurance company, Mr. Ademola Abidogun (pictured) disclosed this at the Nigerian Association of Insurance and Pension Editors’ (NAIPE) 2023 CEO’s Forum in Lagos and added that it has over N2 bn cash under its management.
He said the company has not only closed 2022 with its peak Gross Premium Written (GPI) of N1.4 bn, “We were also able to make underwriting profit. If you look at the statistics, Guinea insurance has consistently grown so much in its underwriting profit.
“When you check the financials, you will see that the core business of insurance is underwriting, which means; collect business, underwrite it and make profit,” he said.
He said the strides of the company is getting wider with a focus to improve its investment portfolio, and a sustained claims payment that upticks the company.
“If we pride ourself as one of the best in the industry in terms of claims payments, we must be able to pay claims after collecting people’s premium” Abidogun said.
He said the company has put behind the challenges of years gone by and staged a come back between 2021 and 2022 and was able to clean up the perception of a one man business and has a robust structure of a Plc.
Abidogun said the business production this year has surpassed projection with over 300 percent already done in February compared ton same period last year. “We will be able to deliver in terms of our plans for the year. The most important thing is for an organisation to have capacity, which has to do with financials and people driving the business and we will continue to evolve,” he said.
