Guinea Insurance Achieves Strong Growth in Revenue and Profit Through Strategic Expansion
Guinea Insurance Plc reported significant financial growth for 2023, with revenue rising by 49.4% to N2.077 billion from N1.390 billion in 2022. Chairman Ugochukwu Godson attributed this success to enhanced market penetration, new insurance products, and improved customer retention. Additionally, the company’s insurance service results grew by 13.3%, reaching N673.7 million, reflecting effective risk management and claims handling.
Investment income for Guinea Insurance surged by 95.4%, rising from N232.6 million in 2022 to N454.6 million in 2023 due to strategic investments in diversified portfolios. Operating expenses increased moderately by 8.4% as the company invested in technology and took measures to counter inflation. These efforts contributed to a significant turnaround in profitability, with profit before tax rising from a loss of N75.4 million in 2022 to a profit of N499.6 million in 2023, marking a 763% increase.
The managing Director Ademola Abidogun outlined the company’s recapitalization efforts, focusing on securing additional funding and expanding product offerings under the ComfortAssured Integrated Marketing Campaign. These initiatives aim to enhance Guinea Insurance’s market position, customer experience, and core insurance operations, particularly underwriting, supporting the company’s ambitious growth strategy.
