Guinea Insurance Premium Soars to N2.94bn as Shareholders Back Recapitalisation Plan
Guinea Insurance Plc has reported strong financial growth for 2024, with Gross Premium Written rising by 35.6 percent to N2.94 billion, up from N2.17 billion in 2023. This milestone was announced during the company’s 67th Annual General Meeting (AGM), where shareholders also approved a recapitalisation plan in line with the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025). The approval paves the way for the insurer to raise fresh capital when necessary, strengthen its balance sheet, and position itself for more competitive opportunities in the evolving insurance market.
The AGM, held virtually, highlighted the company’s resilience and strategic drive for growth. Shareholders emphasized that the recapitalisation approval would not only ensure compliance with regulatory requirements but also allow Guinea Insurance to compete more effectively in underwriting larger and more complex risks. Management assured stakeholders that the company remains committed to innovation, customer-centric services, and financial sustainability.
Financial results for the year under review showcased impressive performance across all areas. Insurance revenue rose by 36.6 percent to N2.84 billion, reflecting stronger product penetration and enhanced service delivery. Investment and other income surged by 76.4 percent, climbing from N765.20 million in 2023 to N1.35 billion in 2024. This prudent financial management helped push Profit Before Tax up by 81 percent to N904.41 million, while Profit After Tax nearly doubled, rising 96 percent to N936.55 million.
Shareholders’ Funds also strengthened significantly, growing by 49.3 percent from N3.49 billion in 2023 to N5.22 billion in 2024. The company noted that this robust capital position provides a strong foundation for long-term stability and future expansion. Chairman Temitope Borishade attributed the results to a resilient business model and the dedication of both the board and workforce, stressing that the recapitalisation plan will unlock more opportunities for value creation.
In addition to financial approvals, the AGM also saw key board confirmations. Temitope Borishade’s appointment as chairman was ratified, while Bernice Izilen Okosun, Ijeoma Pearl Okoro, and Dr. Nkemakonam Chukwukaondinaka Okeke were officially confirmed as directors. Samuel Onukwue was also re-elected to the board following his retirement by rotation. With a stronger leadership team and fresh capital plans, Guinea Insurance is setting its sights on scaling operations and delivering greater value to shareholders in the coming years.
source: leadership