GUINEA Insurance Plc has reported N2.07 billion insurance revenue in 2023, showing 49.4 percent increase, compared to N1.36 billion recorded in 2022.
The company said the impressive revenue boost portrays the successful execution of strategic initiatives aimed at expanding market presence, diversifying product offerings and enhancing customer satisfaction.
Also, it attributed the surge in revenue to Guinea Insurance’s focus on creating innovative insurance solutions tailored to meet diverse customer needs, underscoring the company’s commitment to sustainable growth and market leadership.
The company recorded profit after tax of N477.7 million for the financial year (FY) 2023, indicating a substantial recovery from a N83 million loss in 2022, reflecting the company’s focus on operational efficiency, cost management and financial discipline.
The profit achieved was 34.4 percent to Gross Written Premium (GWP) ratio for FY 2023.
Also, it reported a 176 percent increase in claims incurred. The amount rose from N199.3 million in 2022 to N549.6 million in 2023.
The company said the rise in claims reflects its financial health and capability to meet customer expectations during critical times, reinforcing its reputation as a reliable insurance partner.
Solvency margin rose from N2.2 billion in 2022 to N3.49 billion in 2023, underscoring the company’s financial stability and capacity to meet long-term obligations with increased confidence.
Profit rose by 673 percent, achieving a 34 percent profit ratio and 13.3 percent increase in insurance service, rising from N594 million to N673 million.
Speaking on the performance, Mr Ademola Abidogun, Managing Director/CEO, Guinea Insurance, emphasised the importance of innovation and customer focus.
“This exceptional revenue growth underscores our agility and innovation in addressing customer needs. We are excited about the future and encourage both current and prospective clients to explore our offerings. Our commitment to delivering greater value remains unwavering,” he said.
Abidogun also commented on the company’s financial turnaround, saying: “Our significant turnaround highlights our commitment to operational efficiency and financial discipline. We are dedicated to continuing this positive trajectory and invite both existing and potential clients to join us on this journey of delivering exceptional value.
“Our phenomenal profit surge is a testament to our strategic effectiveness and operational prowess. This remarkable growth reflects our commitment to delivering unparalleled value and is a clear indication of our continued success in the market.”
The company’s strong performance highlights its ability to convert premium income into substantial profit. Through product diversification and improved customer service, the company has demonstrated its ability to adapt and thrive in a competitive market.
