From left, Pius Edobor, Executive Director of Finance and Administration; Ogonna Offor-Orabueze, Group Lead in Technical matters; Ademola Abidogun, Managing Director/CEO; Oluyinka Adebiyi, Group Lead in Marketing at the Guinea Insurance Plc with the Nigerian Council of Registered Insurance Brokers (NCRIB) South-South Area Committee Port Harcourt Brokers’ Evening.
GUINEA Insurance has projected to achieve a target of N1.75 billion in gross premium written in the first quarter of 2025.
Gross premium written is the total amount of money an insurance company collects from customers for insurance policies during a specific period, and it is calculated before any expenses or commissions are taken into account.
This is contained in its income statement forecast for the first quarter (Q1) ending March 31, 2025, filed with the Nigerian Exchange Limited at the close of the year.
In the forecast, the insurance firm projected its net underwriting income to stand at N1.32 billion, and claims expenses at N180.69 million.
Guinea Insurance is expecting to record a profit after tax of N526.73 million at the end of the quarter.
Similarly, on its cash flow forecast, Guinea Insurance projected commission received at N112.88 million while it plans to pay higher commissions at N262.50 million.
In its quarterly result for the period ended September 30, 2024, the firm earned N170.85 million, while its year-to-date earnings stood at N267.37 million.
The company reported a loss of N29.59 million for the quarter and N58.34 million year to date due to increases in the cost of sales and administrative expenses.
Mr. Ademola Abidogun, Managing Director/Chief Executive Officer of Guinea Insurance, highlighted during the company’s last Annual General Meeting, the firm’s ongoing recapitalisation efforts, detailing initiatives to secure additional funding, enhance operational efficiency, and expand product offerings.
He said these strategies are part of a vision to elevate the Guinea Insurance brand through the #ComfortAssured Integrated Marketing Campaign.
He stressed that increased funding would enable the company to strengthen its market position, improve customer experience, and deepen its focus on core insurance activities, particularly underwriting.
Mr Ugochukwu Godson, Chairman of the company’s Board of Directors, also recognised the board’s and management’s commitment to positioning Guinea Insurance as a prime investment opportunity.
Chairman of the company’s Board of Directors said the firm has successfully embarked on a new course, by fulfilling its commitments and returning to profitability.
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