By Omobola Tolu-Kusimo,The Nation
Copyright thenationonlineng
Guinea Insurance Plc has witnessed a growth in its Gross Premium Written by 35.6per cent, rising from N2.17 billion in 2023 to N2.94 billion in 2024.
According to the company, this is driven by growth across key business lines and improved product penetration.
Insurance Revenue rose by 36.6 per cent, increasing from N2.08 billion in 2023 to N2.84 billion in 2024.
Investment strategies and effective financial management generated remarkable results, with Investment and other Income climbing 76.4 per cent, from N765.20 million in 2023 to N1.35 billion in 2024.
Profit Before Tax rose sharply by 81 per cent, moving from N499.21 million in 2023 to N904.41 million in 2024, while Profit After Tax increased by 96 per cent, from N477.55 million to N936.55 million, underscoring operational efficiency and disciplined cost control.
Shareholders’ Funds also saw substantial growth of 49.3 per cent, rising from N3.49 billion in 2023 to N5.22 billion in 2024, establishing a stronger financial foundation for future expansion and stability.
Meanwhile, the company held its 67th Annual General Meeting virtually, where shareholders reviewed the company’s performance over the past year and set a clear path for its next phase of growth and transformation.
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During the meeting, Mr. Temitope Borishade presided over deliberations on a range of ordinary and special business matters. As part of the ordinary business, shareholders ratified his appointment as Chairman of the Board.
They also confirmed the appointments of Mrs. Bernice Izilen Okosun, Mrs. Ijeoma Pearl Okoro, and Dr. Nkemakonam Chukwukaondinaka Okeke as Directors. Furthermore, in line with corporate governance best practices, Mr. Samuel Onukwue was re-elected to the Board following his retirement by rotation.
Under special business, shareholders granted approval for the company to raise additional capital when necessary, in line with the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
Speaking on the events of the AGM, the Board Chairman, Mr. Temitope Borishade stated that the resolution is designed to give the company 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.
He said: “Our 2024 results reflect not only the resilience of our business model but also the collective commitment of our stakeholders and workforce. With shareholders now granting approval to raise capital in line with NIIRA 2025, 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.
