Guinea Insurance Plc reported a profit before tax of N499.6 million for the 2023 financial year, showcasing a major turnaround from a loss of N75.4 million in 2022, marking a 63% improvement. This was announced by Mr. Ugochukwu Godson, Chairman of the company, during its 66th Annual General Meeting (AGM) held in Lagos on Monday.
Godson highlighted that profit after tax surged by 673.7%, transitioning from a loss of N83.3 million in 2022 to a profit of N477.7 million in 2023. Revenue also increased by 49.4%, reaching N2.08 billion compared to N1.39 billion the previous year. He attributed the significant growth to enhanced market penetration, the launch of customer-focused insurance products, and improved client retention strategies.
The company’s insurance service result rose by 13.3% to N673.7 million, up from N594.4 million in 2022, reflecting better risk management and claims handling practices. Investment and other income nearly doubled, growing by 95.4% from N232.6 million in 2022 to N454.6 million in 2023, driven by strategic diversification of investment portfolios.
Operating expenses saw a moderate rise of 8.4%, from N862 million to N935 million, attributed to inflation countermeasures, technological advancements, and enhanced operational strategies. Godson emphasized the board and management’s dedication to strengthening Guinea Insurance’s position as a strong investment option, showcasing the company’s return to profitability and new strategic direction.
Managing Director Mr. Ademola Abidogun highlighted ongoing recapitalization efforts aimed at securing additional funding, boosting operational efficiency, and expanding product offerings. He pointed out that these initiatives are part of the #ComfortAssured Integrated Marketing Campaign, designed to enhance the brand and deepen its core focus on underwriting.
The AGM also included the re-election of directors Mr. Simon Bolaji, Alhaji Hassan Dantata, and Mr. Chukwuemeka Uzoukwu, as well as the ratification of new directors Mrs. Ogonna Offor Orabueze and Mrs. Chioma Okigbo.
