Guinea Insurance Plc has announced impressive financial results for the year 2023, with a significant 49.4% increase in insurance revenue, rising to N2.077 billion from N1.390 billion in 2022.
The growth was attributed to improved market penetration, new insurance products tailored to customer needs, and enhanced customer retention efforts.
In a statement during the company’s 66th Annual General Meeting (AGM), Chairman Mr. Ugochukwu Godson revealed that the insurance service result increased by 13.3%, reaching N673.7 million, compared to N594.4 million in 2022. This was reflective of better risk management and efficient claims handling.
Furthermore, investment income and other income surged by 95.4%, from N232.6 million in 2022 to N454.6 million in 2023. This was a result of strategic investments in diversified portfolios.
Operating expenses saw a moderate increase of 8.4%, from N862 million in 2022 to N935 million in 2023, attributed to measures taken to combat inflation, as well as investments in technology and operational efficiency.
A notable highlight was the remarkable turnaround in the company’s profit before tax, which improved from a loss of N75.4 million in 2022 to a profit of N499.6 million in 2023, reflecting an impressive 763% increase. Similarly, profit after tax rose from a loss of N83.3 million in 2022 to a profit of N477.7 million in 2023, representing a 673.7% increase.
Managing Director/CEO Mr. Ademola Abidogun spoke about the company’s ongoing recapitalization efforts, aimed at securing additional funding to enhance operational efficiency and expand product offerings. He also highlighted the #ComfortAssured Integrated Marketing Campaign, designed to elevate the Guinea Insurance brand, improve customer experience, and strengthen the company’s position in the market.
CREDIT: Allneeds, THE NATION
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