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Underwriter raises N1.08 billion in GPW

By Bankole Orimisan
11 October 2021   |   2:48 am
Guinea Insurance Plc has recorded N1.08bn gross premium written (GPW) in the 2020 financial year. The Chairman of the company, Ugochukwu Godson..

Godson Ugochukwu of Guinea Insurance

Guinea Insurance Plc has recorded N1.08bn gross premium written (GPW) in the 2020 financial year. The Chairman of the company, Ugochukwu Godson, said at the 63rd yearly general meeting, which was held virtually, that the firm recorded modest earnings as GPW stood at N1.08 billion in 2020 as against N1.29 billion in 2019, representing a decrease of 16.3 per cent.

“Gross premium income also decreased by 10.3 per cent, from N1.17 billion in 2019 to N1.05bn in 2020,” he said.

The company’s net premium income decreased by 18.67 per cent, from N902.4 million in 2019 to N733.9 million in 2020. Owing to low single-digit interest rates in the fixed income market, he said, investment income for the period under review decreased considerably by 50.1 per cent, from N210.06m in 2019 to N104.8m in 2020.

He said the year resulted in a loss of N227.6 million from N795 million recorded in 2019.

“We must note, however, that the accelerated digitisation of the company’s customers’ engagement platforms, supply-chain interactions and internal operations paid off as the loss for the year dropped significantly by 71.3 per cent,” he said.

The Managing Director/Chief Executive Officer, Guinea Insurance, Ademola Abidogun, charged stakeholders of the company to look at the bright side of new things to come as the board was going on with its continuous growth and development initiatives.