Guinea Insurance plc in its financial report for the nine months ended in 2017 is reporting 110% rise in profit to NGN91.2 million compared to NGN43.4 million reported in the financial year 2016.
The insurance company recorded NGN759.0 million gross premium written in contrast to NGN664.0 million posted in the year before, which represents 14% increase year on year comparison.
Gross premium income increased by 9% to NGN719.4 million from NGN661.1 million in the year 2016. Meanwhile, reinsurance expenses increased by 1% to NGN196.4 million against NGN194.7 million in the previous year.
Net premium income grew by 12% to NGN523.0 million in contrast to NGN466.3 million in the fiscal year 2016 while investment income dropped by 28% to NGN130.6 million compared to NGN182.5 million in the year before.
The total asset for the period was NGN3.9 billion against NGN3.9 billion in 2016 while total liabilities dropped by 8% to NGN956.1 million from NGN1.0 billion in the previous year.
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.