Guinea insurance targets growth with bold financial projections for Q1 2025

Guinea Insurance has outlined ambitious plans for the first quarter of 2025, projecting a gross premium of N1.75 billion. This marks a significant step for the company as it positions itself for sustained growth in Nigeria’s competitive insurance market.

Details of this forecast, filed with the Nigerian Exchange Limited, reveal the insurer’s focus on strengthening its financial performance. The company anticipates a net underwriting income of N1.32 billion, alongside claims expenses estimated at N180.69 million. At the end of the quarter, it expects to post a profit after tax of N526.73 million.

Despite recent financial challenges, including a reported year-to-date loss of N58.34 million as of September 2024, Guinea Insurance remains optimistic. Its Managing Director, Ademola Abidogun, highlighted ongoing recapitalization efforts at the company’s last Annual General Meeting. These efforts aim to secure additional funding, enhance operational efficiency, and diversify product offerings, all of which align with its #ComfortAssured Integrated Marketing Campaign.

Abidogun expressed confidence that the recapitalization drive would bolster the company’s market position and customer service capabilities. “Increased funding will enable us to focus on core insurance activities, particularly underwriting, while improving customer experience,” he said.

The company’s strategic focus extends beyond financial projections. During the AGM, Chairman Mr. Ugochukwu Godson, SAN, commended the management for steering the company toward recovery. He emphasized Guinea Insurance’s commitment to fulfilling its promises and creating value for stakeholders, stating that the firm is poised to become a prime investment opportunity.

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