Guinea Insurance PLC Forges Profitability Pathway at 65th AGM in Lagos
The 65th Annual General Meeting (AGM) of Guinea Insurance PLC in Lagos unveiled the company's strategy to achieve profitability. Led by Chairman Ugochukwu Godson, the event highlighted key financial achievements, including modest increases in Gross Premium Written and substantial growth in Gross Premium and Net Premium Income. The AGM emphasized the company's commitment to positioning itself as an attractive investment opportunity, showcasing its dedication to growth through market expansion and improved risk management practices.
Guinea Insurance PLC's AGM Highlights and Financial Trajectory.
Guinea Insurance PLC recently hosted its 65th Annual General Meeting (AGM) in Lagos State, unveiling a strategic roadmap toward profitability. Mr. Ugochukwu Godson, Chairman of the Board of Directors, orchestrated the event, convening stakeholders, investors, and influential figures from the financial sector. The AGM centered on pivotal corporate advancements and financial performance, featuring discussions on various business concerns and obtaining shareholder approvals.
The focal point of the meeting was the presentation of the audited financial statements for the fiscal year ending on December 31, 2021. Godson underscored the unwavering commitment of both the board and management to position Guinea Insurance PLC as an appealing investment prospect. The company’s resolute dedication to steering a course toward profitability was a key emphasis.
An assessment of the financial performance in 2022 revealed encouraging trends for Guinea Insurance PLC. Among the notable highlights was a slight uptick in Gross Premium Written, escalating to N1.359 billion, a modest 0.22 per cent increase from the N1.356 billion recorded in 2021. The Gross Premium Income saw a more substantial rise from N1.34 billion in 2021 to N1.39 billion in 2022, marking a significant 3.73 per cent increase. Furthermore, the Net Premium Income exhibited noteworthy growth, reaching N960 million in 2022, reflecting a 9.18 per cent increase over the N879 million recorded in 2021. This expansion was attributed to the company’s foray into new markets, coupled with enhanced underwriting and risk management practices.
The AGM served as a platform to reinforce the company's commitment to financial strength, outlining a clear trajectory for growth and sustainability, underlining the strides made and the strategies in place for a prosperous future.
