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Guinea Insurance posts N1.02bn gross premium income for 2017 - Printable Version +- Forums (http://contripeople.com) +-- Forum: Retired Forums (http://contripeople.com/forumdisplay.php?fid=78) +--- Forum: Retired Forums. Please Make Your Post Within The 3 Forums In General Discussion (http://contripeople.com/forumdisplay.php?fid=49) +---- Forum: Business/Investment (http://contripeople.com/forumdisplay.php?fid=13) +---- Thread: Guinea Insurance posts N1.02bn gross premium income for 2017 (/showthread.php?tid=8981)

Guinea Insurance posts N1.02bn gross premium income for 2017 - Edoman - 07-30-2018 Guinea Insurance posts N1.02bn gross premium income for 2017 July 30th, 2018 Facebook LinkedIn Reddit Tumblr Share Facebook Twitter Google+ Pinterest Share By Edet Udoh, Lagos The foremost insurance firm in Nigeria, Guinea Insurance Plc has announced a Gross Premium Income (GPI) of N1.02 billion in 2017, representing 11.7 per cent growth over N913.4 million recorded in 2016. The company’s financial performance was contained in Annual Report & Accounts presented to shareholders at the company’s 60th Annual General Meeting (AGM) held in Benin City, the capital of Edo State. The company’s Net Premium Income also grew by 15% from N649.5 million in 2016 to N747.1 in 2017 while underwriting Profit grew from N453.4 million recorded in 2016 to N501.1 in 2017 representing a growth rate of 11%. Claims paid by Guinea Insurance on various classes of insurance decreased by 47% from N304.9 million in 2016 to N161.5 million in 2017, due to operational efficiency in terms of people, processes, technology and communications. In spite of the economic headwinds that characterized the period under review, the underwriter’s Investment Income recorded a marginal decline of 3% from N215.5 in 2016 to N208.3 in 2017. Howbeit, a remarkable performance was recorded as the underwriter posted a Profit Before Tax increase of 35% from N176.3 million in 2016 to N237.8 million in 2017. It also recorded a whopping Profit After Tax increase of 518% from N40.6 million in 2016 to N251.0 million in 2017. The underwriter’s zest to be over and done with the challenge of solvency margin, was further consolidated during the year under review as its Solvency Margin grew by 13% from N3.0 billion in 2016 to N3.4 billion in 2017, while increase in Shareholders’ Fund as recorded in its books stood at 16% from N2.9 billion in 2016 to N3.4 billion in 2017. Addressing Shareholders at the AGM, Company’s Chairman, Board of Directors, Barr. Godson Ugochukwu noted that the company’s philosophy of delivering value to its shareholders without compromising service standard remains sustainable. http://authorityngr.com/2018/07/30/guinea-insurance-posts-n1-02bn-gross-premium-income-for-2017/