Despite concerns about the harsh business environment, an underwriting firm, Great Nigeria Insurance (GNI) has reached a Gross Premium Written (GPW) of N10.2 billion in 2022, representing an increase of 19.9 per cent over the previous year‘s turnover of N8.3 billion.

This, the company’s chairman, Bade Aluko, said at the 52nd yearly general meeting of the underwriting outfit in Lagos. Aluko, who addressed shareholders, stated that the underwriter has continued to tow the path of profitability despite the stiff and challenging operating environment.

He said that underwriting Income stood at N9.6 billion in 2022, indicating a 21.6 per cent increase over the N7.8 billion of 2021, while claims expenses increased from N2.1 billion in 2021 to N3.3 billion in 2022.

The company’s total assets as of 2022 were valued at N26.9 billion, reflecting an increase of 26.6 per cent from the previous year, which stood at N20.6 billion just as the shareholder’s funds, which stood at N6.3 billion in 2021, increased to N7.3 billion in 202.

As a forward-looking business entity, he assured that the organisation will continue to harness all its resources, both human capital and financial, in taking advantage of the opportunities embedded in the insurance market for growth and profitability.

In a similar vein, the Group Managing Director of GNI, Mrs. Olapeju Osipitan, said: “The consciousness of the corporate mandate constantly keeps us on our toes. We are committed to the vision statement of being the insurance company of choice for keeping promises to stakeholders.

“With the litany of operating challenges that beset us, our resolve to keep flying stems from the commitment to keep our promise to stakeholders. We understand the height of trust and support from our stakeholders, and we will not relent in proving ourselves worthy of it daily. We will ensure that our company will keep retooling, restructuring, and repositioning to keep up with the best global practices in the insurance business. Our commitment to training and retraining our staff to acclimatize with current demands in technology and remain competitive will not wane.

“We will continue to aspire to higher levels of astuteness and assiduousness with all our customers and in all our business engagements. Our pledge to you, dear esteemed shareholders, is to meet your expectations. We will not fail you.”

While pointing out that the level of insurance penetration in Nigeria is still lower than one per cent, she counseled that awareness through effective sensitisation is the key that will unlock the limitless mines of opportunities that lie untapped both for industry players and potential customers alike.