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.
