Guinea insurance posts 138% rise in profit for Q2

Universal Insurance

Guinea insurance plc is reporting 138% increase in profit to NGN98.8 million in second quarter 2017 in contrast to NGN45.5 million reported same period in 2016.

Gross income rose by 12% to NGN491.8 million compared to NGN439.6 million recorded while its reinsurance expenses decreased by 6% to NGN129.9 million against NGN138.4 million posted in the previous year.

The insurance company’s net premium income for the period in review spiked up by 20% to NGN361.1 million against NGN301.1 million recorded in the fiscal year 2016.

Investment income dropped by 41% to NGN84.4 million from NGN142.5 million recorded in 2016.

Guinea insurance plc total assets lowered by 4% to NGN3.9 billion against NGN4.1 billion recorded in the year 2016 while its total liabilities was NGN965.4 million versus NGN1.1 billion recorded in the year 2016.

Company Information 

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.

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