Follow Us on Google
By Henry Uche
Guinea Insurance Plc has restated its preparedness to meet the new capital benchmarks set out in the Nigerian Insurance Industry Act (NIIRA) 2025, as it delivered one of its strongest performances in recent years with a near-doubling of profit.
At the company’s 67th Annual General Meeting (AGM) in Lagos, shareholders were presented with impressive results, highlighted by a 96% jump in Profit After Tax (PAT), which rose from N477.55 million in 2023 to N936.55 million in 2024. The company attributed the strong showing to prudent cost control, disciplined investments, and operational efficiency.
Board Chairman, Mr. Temitope Borishade, said shareholders had unanimously approved a capital raise to align with the NIIRA 2025 requirements, a decision he described as pivotal to the company’s future.
“Our 2024 results reflect not only the resilience of our business model but also the collective commitment of our stakeholders and workforce,” Borishade noted. “The company is prepared to implement its carefully crafted recapitalisation plan. This will enhance our ability to compete, scale operations, and seize opportunities to grow bigger and deliver greater value to all stakeholders.”
Other News
Beyond recapitalisation, the AGM also witnessed key board changes. Shareholders ratified Borishade’s appointment as Chairman, confirmed the appointments of Mrs. Bernice Izilen Okosun, Mrs. Ijeoma Pearl Okoro, and Dr. Nkemakonam Chukwukaondinaka Okeke as Directors, while re-electing Mr. Samuel Onukwue in line with governance best practice.
Head of Brand & Corporate Communications, Mr. Hanson Ufot, described the recapitalisation approval as a “forward-thinking resolution,” one that ensures Guinea Insurance retains the agility to strengthen its capital base, comply with emerging regulation, and strategically compete in an evolving marketplace.
The financial highlights painted a picture of sustained momentum. Gross Premium Written climbed 35.6% from ₦2.17 billion in 2023 to ₦2.94 billion in 2024, while revenue rose 36.6% to ₦2.84 billion. Investment and other income soared 76.4% to ₦1.35 billion, driving an 81% rise in Profit Before Tax to ₦904.41 million. Shareholders’ Funds grew by 49.3%, reaching ₦5.22 billion, establishing a firmer foundation for expansion.
Reassuring shareholders of its long-term vision, the Board and Management pledged to sustain innovation, deepen customer trust, and consolidate Guinea Insurance’s role as a strong force in Nigeria’s non-life insurance industry.
