Guinea Insurance Plc records 7.80% decline in 2020 9M revenues

Guinea Insurance Plc reported revenues of N780.68 million in 2020 (9M), compared to N846.72 million in the corresponding period of 2019.  

Key highlights for 2020 9M  

• Gross premium income decreased to N780.68 million, -7.80% YoY.  
• Fees and commission income decreased to N56.40 million, -5.81% YoY. 
• Net premium income decreased to N557.13 million, -13.19% YoY.  
• Other operating income increased to N13.29 million, +102.06% YoY. 
• Other operating expenses decreased to N489.66 million, –26.78% YoY. 
• Underwriting expenses decreased to N200.43 million, -5.12% YoY. 
• Pre-tax loss decreased to N137.55 million, -81.29% YoY.  
• Earnings Per Share (loss) decreased to 2 kobo, -83.33% YoY.  

Bottom Line

Guinea Insurance Plc recorded a decreased net premium in the period under consideration. Companies have generally recorded decreased revenues in the last three quarters mostly due to COVID-19. Guinea Insurance Plc was unable to grow its revenue; however, pre-tax loss decreased in the period under consideration due to increased other operating income, as well as, reduced other operating and underwriting expenses.