Guinea Insurance has announced a projection of N1.75 billion in gross premium written for the first quarter of 2025. This forecast, submitted to the Nigerian Exchange Limited, also anticipates a net underwriting income of N1.32 billion and claims expenses of N180.69 million. Additionally, the company expects to achieve a profit after tax of N526.73 million, with commission receipts and payments projected at N112.88 million and N262.50 million, respectively.
The firm’s third-quarter results for 2024 revealed mixed performance, with revenue increasing by 49.4%, but higher sales and administrative expenses resulted in a loss of N29.59 million for the quarter and N58.34 million year-to-date. At the 2024 Annual General Meeting, Managing Director Ademola Abidogun highlighted the company’s recapitalization initiatives, aimed at enhancing operational efficiency and expanding its product portfolio under the #ComfortAssured marketing campaign.
Board Chairman Mr. Ugochukwu Godson, SAN, commended the management’s commitment to returning the company to profitability and establishing it as a prime investment opportunity. The firm’s vision focuses on strengthening its market position, improving customer experiences, and deepening its core insurance activities, particularly underwriting.
