Guinea Insurance Plc gross premium income fell to NGN220.1 million in Q1 2016 in contrast to NGN 298.2 million it recorded in the financial year 2015 which represents 18%
The company also recorded net premium income of NGN158.5 million compared to NGN191.5 it recorded same period 2015.
The company experienced a huge loss as its total assets fell to NGN4.1 million in Q1 2016 in contrast to NGN4.8 million it recorded same period 2015
Guinea insurance plc was able to reduce its liabilities to NGN4.1 million compared to NGN4.8 million it recorded in the fiscal year 2015.
The history of GUINEA INSURANCE PLC dates back to the year 1948 when British West African Corporation Limited (BEWAC) opened an Insurance Department and became Chief Agents in Nigeria for Legal and General Assurance Society Limited of London. In 1950, the Agency was extended to Norwich Union Fire Insurance Society Limited, United Kingdom. In response to Business Growth and to maximize available opportunities, Legal & General Assurance Society Limited, Norwich Union Fire Insurance Society Limited, Northern Region Development Corporation Limited and British West African Corporation Limited jointly incorporated an insurance Company.
Thus, Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51% majority shares before the indigenization decree of 1976, reversed the holding to 60% Nigerian interest, 40% overseas. The Overseas Shareholders divested their 40% holding to existing Nigerian Shareholders in 1988 thereby making the Company 100% Nigerian.