Guinea Insurance posts N1.01 billion gross premium
Guinea Insurance has recorded a gross premium income of N1.01 billion for the financial year ended 31st December, 2015 as against N867.99 million recorded in 2014. Profit Before Tax increased by 226% amounting to N47.0 million as against N14.4 million recorded in 2014. Loss for the year decreased by 91.2% amounting to N7.2 million as against N81.89 million recorded in 2014. Shareholders’ Funds increased marginally by 0.12% amounting to N2.899 billion as against N2.896 billion recorded in 2014.
Addressing shareholders at the company’s Annual General Meeting in Abuja, the Chairman of the Board of Directors, Godson Ugochukwu, while reacting to a question raised shareholders said the board was currently manned by eminent personalities who have distinguished themselves in various business and professional spheres.
“We have decided to look inwards to elevate a deserving and competent top executive to chart a new course for the company. This is cost saving and the incentive to deliver adequately will be heightened. I am particularly happy to announce to you today that our efforts in this regard, had begun
to pay off as your company turned a profit at the end of the 2016 financial year.”
He further added “the new board has instituted a corporate culture and performance metrics that is characterized by: poise, good deportment and exceptional service delivery. Year 2015 results are pedestrian and unrepresentative of our business ideals for your company. We therefore, request support from all quarters to enable us in togetherness, get your company out of the woods and guided to a path of sustained profitability …in the words of Henry Ford – Coming together is a beginning; keeping together is progress; working together is success.”