Guinea Insurance reacts to NAICOM's claim

Guinea Insurance Plc has recorded an increase in its gross premium from N967 million in 2017 to N1.2 billion as at the end of its financial year ended December 31, 2018, which represents 28.2% increase in its gross premium. 

This was revealed in a notification by the firm to the Nigerian Stock Exchange. 

 [READ: Wapic Insurance seeks NSE’s approval to list 15.6 billion rights issue] 

Guinea Insurance also recorded growth in its Net Premium income which grew by 17.4% in 2018, hitting N904.9 million up from N747 million recorded within the same period. 

The company recorded a loss of N49.9 million in 2018 from the profit before tax of N237.8 million in 2017. 

Also, it recorded a loss of N190 million from a Profit after tax of N251 billion recorded within the same period. 

[READ MORE: See the “score card” as insurance firms hurriedly release H1 2019 results] 

  

Early this year, a Nairametrics report stated that the company will be unable to take new businesses except to maintain the existing ones in its portfolio. This was as a result of the suspension placed on the firm by the National Insurance Commission (NAICOM). 

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NAICOM suspended the firm because of its failure to appoint a substantive Managing Director, failure to secure reinsurance treaty, among other issues. 

The company however denied the media reports and demanded retractions. The firm stated that on February 15, 2018, it appointed Mr. Babatunde Oshadiya as Managing Director/Chief Executive Officer of the company and the proposal for his appointment was submitted to NAICOM for approval. 

About Guinea Insurance Plc 

Guinea Insurance Plc provides insurance services across Nigeria. The Company provides services such as general accident, motor, fire, life and pensions, risk insurance packages and engineering. 

Guinea Insurance was established on December 3, 1958. Its overseas shareholders held 51% majority shares before the indigenisation decree of 1976 reversed the holding to 60% Nigerian interest, 40% overseas. 

The overseas shareholders divested their 40% holding to existing Nigerian shareholders in 1988, thereby making the company 100% Nigerian. The company was listed on the Nigerian Stock Exchange on January 17, 1991. 

[FURTHER READ: FY 2018: Regency Assurance Plc declares N200 million final dividend] 

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