Guinea Insurance said that its gross premium income of NGN661.1 million for the year ended 2016 in contrast to NGN809.1 million recorded on the same period 2015 which represents a total of 18% loss for the period ended.
The company net premium income fell to NGN466. 3 million in 2016 compared to NGN633.2 million recorded in the same period in financial year 2015.
During the period, Guinea Insurance said its total profit for the period rose to NGN43,4 million compared to NGN40,9 million in the previous year.
Total assets acquired in financial 2016 was NGN3.9 billion compared to NGN4.6 billion acquired in fiscal 2015.
However, total liabilities fell to NGN1.0 billion in Q3 2016 in contrast to NGN1.6 billion in 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.