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Underwriting company’s profit appreciates by 194.64% in 2016


Godson Ugochukwu of Guinea Insurance

Guinea Insurance Plc has said its Profit Before Tax grew by 194.64 per cent from N46.9million at the close of financial year ended 31 December, 2015 to N138million in 2016.

According to the company, Profit After Tax grew by 134.87 per cent from N7.2million loss experienced in 2015, to N2.5millon profit in 2016.

The Chairman, Board of Directors, Godson Ugochukwu, who revealed this at the company’s 59th AGM held in Kano, said the company successfully overcame the challenge of solvency margin during the year, as its solvency margin stood at about N3.015billion in 2016, against N2.981billion in 2015.

He added that Gross Written Premium grew by 4.18 per cent from N870million reported at the end December 2015 to N907million achieved in same period of 2016, while Shareholders’ Fund fell to N2.897billion from N2.899billion in 2015 representing a marginal drop of 0.08 per cent.

He further reaffirmed the Board’s commitment and resolve to grow the company through strategic deployment of its distinctive competencies to gain competitive edge in the marketplace.

He described as modest, the remarkable operational and financial successes the Board and Management of the company were able to achieve in less than a year amid the harsh realities of economic headwinds experienced during the period.

“As pledged in year 2015, we positioned ourselves for the future and initiated rigorous actions to get Guinea Insurance out of the woods, and guided to a path of profitability.”

Godson pledged to continually focus on building capacity, reposition the brand, build a tribe of loyal customers who will become the company’s brand ambassadors, and ultimately transform it to a world class enterprise.

Meanwhile, the Ag. Managing Director, Mrs. Isioma Omoshie-Okokuku, in her report, unequivocally charged stakeholders to look on the bright side of the new things to come, as the Board is eager to go with its continuous growth and development initiatives.

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