From Ngozi Onyeakusi, Lagos
Guinea Insurance Plc., one of the frontline underwriting firms in the country has settled claims worth N161.5 million for the financial year, ended 31st December, 2017.
This showed a decreased of 47% when compared with N304.9 million paid in 2016.
This is contained in the firm’s Annual Report & Accounts presented to shareholders at its 60th Annual General Meeting (AGM) held in Benin, the Edo State capital.
A review of the company’s financials, showed its underwriting Gross Premium Income grew by 11.7% from N913.4 million in 2016 to N1,020.4 billion in 2017 while Net Premium Income also increase by 15% from N649.5 million in 2016 to N747.1 in 2017.
Underwriting Profit as well increased from N453.4 million recorded in 2016 to N501.1 in 2017 representing a growth rate of 11%.
Though Investment Income recorded a marginal decline of 3% from N215.5 in 2016 to N208.3 in 2017 following economic headwinds that characterized the period.
Interestingly, a remarkable performance was delivered as the underwriter posted a Profit Before Tax increase of 35% from N176.3 million in 2016 to N237.8 million in 2017 while Profit After Tax increased by 518% from N40.6 million in 2016 to N251.0 million in 2017.
Shareholders’ Fund grew by 16% from N2.9 billion in 2016 to N3.4 billion in 2017.
Addressing shareholders at the meeting Company’s Chairman, Barr. Godson Ugochukwu noted that the company’s philosophy of delivering value to its shareholders without compromising service standard remains sustainable.
He said: “we are an upwardly mobile company, coupled with skilled professionals, our strength is made manifest in our passion for high standards and the single-minded determination to emerge a world class enterprise, one with the scope and economies of scale necessary to drive home our unflinching mandate of returning Guinea Insurance on the path of sustainable profitability”. This avowal is evident in the underwriter’s 2017 performance metrics.