Guinea Insurance gets fresh N900m capital

Guinea Insurance Plc has said it injected about N900m capital into its business in 2022 financial period.

It also said it was in the process of listing 1.8 billion shares.

The Managing Director/Chief Executive Officer of the insurance company, Mr Ademola Abidogun, disclosed this at the Nigerian Association of Insurance and Pension Editors’ 2023 first quarter CEO’s Forum in Lagos.

Abidogun said the insurer has huge funds within its system and over N2bn cash under its management to do business.

He noted that the underwriting firm made its highest gross premium written of N1.4bn in 2022, compared to the last 10 years.

The managing director said, “We were also able to make underwriting profit. If you look at the statistics, Guinea insurance has consistently grown so much in its underwriting profit.

“When you check the financials, you will see that the core business of insurance is underwriting, which means; collect business, underwrite it and make profit.”

According to Abidogun, the insurance company was working to improve its investment portfolio, as fund was essential to sustain a business.

He said Guinea insurance’s claims payment method was one of the best in the market because the firm noted one of the main reasons for doing insurance business was to pay claims.

“If we pride ourself as one of the best in the industry in terms of claims payments, we must be able to pay claims after collecting people’s premium,” Abidogun said.

According to him, while the underwriting firm had experienced some challenges few years back in the market, it had been able to resuscitate its business between 2021 and 2022.

Abidogun noted that Guinea insurance also had to confront perception issues, because a lot of people thought the insurer was a one man business, meanwhile it was a Plc with a robust structure.

The managing director said the insurance firm had started business well in year 2023 in terms of production and as of February, it had done over 300 per cent of what it did same time last year.

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