Underwriter assures investors of better investment return
Guinea Insurance Plc has assured shareholders of improved returns on investment, even as the investors applauded the company’s board for outstanding performance in the financial year ended December 31, 2017.
Addressing shareholders at the 60th yearly general meeting of the company in Benin City, Edo State, the Chairman, Godson Ugochukwu, reaffirmed the board’s commitment to grow the company and with a plan aimed at celebrating the 60th anniversary of the organisation.
He said there are only a few insurance companies in Nigeria that can boast of such a rich history, wealth of experience and consistent longevity.
During the meeting, three directors- Alhaji Hassan Dantata; Osita Chidoka; and Chukwuemeka Uzoukwu, were unanimously re-elected by shareholders.
The National Chairman, New Dimension Shareholders Association (NDSA), Patrick Ajudua; National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie; and National Coordinator, Heritage Shareholders Association of Nigeria (HSAN), Wale Adewale, were unanimous in their calls for the board to do more, even in the face of harsh economic realities, as the reward for work well done is the opportunity to do even more.
The underwriter maintained its Gross Premium Income growth by 11.7 per cent, from N913.4 million in 2016, to N1.02 billion in 2017, as Net Premium Income also grew by 15 per cent, from N649.5 million in 2016, to N747.1 in 2017, while underwriting profit grew from N453.4 million recorded in 2016, to N501.1 million in 2017, representing a growth rate of 11 per cent.
Claims paid by Guinea Insurance on various classes of insurance decreased by 47 per cent, from N304.9 million in 2016, to N161.5 million in 2017.