By Henry Uche
Guinea Insurance has set its eyes on earning N1.75bn in gross premium written (GPW) in the first quarter of 2025.
This was disclosed in its forecast income statement for the first quarter ending March 31, 2025, which it filed with the Nigerian Exchange Limited at the close of the year.
Gross premium Written is the total amount of money an insurance company collects from customers for insurance policies during a specific period. It’s calculated before any expenses or commissions are taken into consideration.
According to the forecast, the insurance company is projecting to see its net underwriting income stand at N1.32bn with claims expenses at N180.69m. At the end of the quarter, the insurer is expecting to record a profit after tax (PAT) of N526.73m.
On its cash flow forecast, Guinea projected commission receivable at N112.88m while it will pay higher commissions at N262.50m. The Underwriter in its quarterly result for the period ended September 30, 2024, earned N170.85m, while its year-to-date earnings stood at N267.37m.
Increases in the cost of sales and administrative expenses saw the company reporting a loss of N29.59m for the quarter and N58.34m year -to- date.
At its last Annual General Meeting, the Managing Director of the company, Mr. Ademola Abidogun highlighted the company’s ongoing recapitalisation efforts, detailing initiatives to secure additional funding, enhance operational efficiency, and expand product offerings.
These strategies are part of a vision to elevate the Guinea Insurance brand through the #ComfortAssured Integrated Marketing Campaign. He emphasised that increased funding would enable the company to strengthen its market position, improve customer experience, and deepen its focus on core insurance activities, particularly underwriting.
The chair of the meeting, Mr Ugochukwu Godson, SAN, also recognised the board’s and management’s commitment to positioning Guinea Insurance Plc as a prime investment opportunity. He noted that the company has successfully charted a new course, fulfilling its commitments and returning to profitability.