Guinea Insurance PLC grew its insurance revenue by 49.4 percent from N1.36 billion in 2022 to N2.07 billion in 2023. This followed the successful execution of strategic initiatives aimed at expanding market presence and enhancing customer satisfaction.
The insurer also announced a turnaround in its financial performance, achieving a profit after tax of N477.7 million for year 2023. This represents a significant rebound from a loss of N83 million in 2022.
The underwriter reported 176 percent increase in claims incurred, rising from N199.3 million in 2022 to N549.6 million in 2023.
The company also recorded 58.6 percent improvement in its solvency margin, rising from N2.2 billion in 2022 to N3.49 billion in 2023.
The insurer equally achieved 34.4 percent Gross Written Premium (GWP) ratio for year 2023.
The company reported 673 percent increase in profit for year 2023, achieving a 34% profit ratio.
Besides,the insurer reported 13.3 percent increase in insurance service results, climbing from N594 million in 2022 to N673 million in 2023.
Speaking on the company’s performance, Mr. Ademola Abidogun, Managing Director/CEO, Guinea Insurance commented, “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.”
“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.”
On its profit surge he said “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.”
