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GNI sustains profitability, pays N2.1 billion claims

By Bankole Orimisan
28 November 2022   |   3:34 am
Despite worries about the harsh business environment, Great Nigeria Insurance (GNI) Plc has recorded a profit before tax (PBT) of N1 billion for the 2021 financial year even as its claims rose to N2.1 billion in the same period, from N1.4 billion posted in 2020.

Despite worries about the harsh business environment, Great Nigeria Insurance (GNI) Plc has recorded a profit before tax (PBT) of N1 billion for the 2021 financial year even as its claims rose to N2.1 billion in the same period, from N1.4 billion posted in 2020.

The operators attributed the performance to growth across all lines of business even as stakeholders believe that one of the ways to drive industry penetration is through an increased financial capacity of the players.

Similarly, its gross premium written (GPW) climbed to N8.3 billion, representing a 16.9 per cent growth over the N7.1 billion recorded in 2020.

Also, the company’s total assets rose from N15.5 billion to N20.6 billion, representing a 32.9 per cent increase in the period under review.

Speaking at the 51st yearly general meeting of the company, held in Lagos, the Managing Director of GNI, Cecilia Osipitan, attributed the positive performance to the commitment shown by staff who she described as the drivers of the turnaround initiatives of the company.

She reiterated the company’s unwavering commitment to creating value for both shareholders and stakeholders.

“The path to achieving growth and sustaining the same is not without its challenges, but with the perseverance and doggedness of every member of staff, we were able to overcome and succeed as a team,” she said.