The target of Guinea Insurance Plc, for the fourth quarter is set at N2.45bn.
The company’s forecast presented to the Nigerian Stock Exchange outlined the profit after tax at N247.69m ; besides, the fourth quarter forecast improves on the N1.29bn secured for FY 2019.
Guinea’s forecast for Q3 set 78.6% increase in gross premium written at N1.8bn, it also set the profit after tax at N185.8m, a marked improvement over N735m loss recorded in Q3 2019.
The Nigerian underwriter put the estimates of reinsurance expenses in Q3 at N337.5m. Claims expenses, underwriting expenses and other operating expenses were set at N331.3m, N292.6m and N692.2m, respectively.
In Q1, the company reported gross premium of N207m and a profit after tax of N12.6m.