Guinea Insurance Plc says it has injected not less than N900 million as capital into its business in 2022.
Mr Ademola Abidogun, Managing Director/Chief Executive Officer of Guinea Insurance, made this known at a news conference on Thursday in Lagos.
According to Abidogun, the company is in the process of listing 1.8 billion shares and it has enough fund and over N2 billon cash under its management for business.
He disclosed that the underwriting firm made the highest Gross Premium Written (GPI) of N1.4 billion in 2022, higher than the figure recorded in the last 10 years.
”We were also able to make underwriting profit. A lot of companies in the market today ride with us, but in terms of underwriting which is the core business, they really do not do so much.
”If you look at the statistics, Guinea Insurance has consistently grown so much in its underwriting profit.
”When you check the financials, you will see that the core business of insurance is underwriting, which means; collect business, underwrite it and make profit,” he said.
Abidogun said the insurance company was working to improve its investment portfolio, as fund was essential to sustain a business.
Abidogun said that Guinea insurance’s claims payment method remains one of the best in the market because the firm believes that insurance business is to pay claims.
”If we pride ourself as one of the best in the industry in terms of claims payments, we must be able to pay claims after collecting people’s premium,” he said.
Abidogun noted that while the underwriting firm had experienced some challenges few years ago in the market, it was able to resuscitate its business between 2021 and 2022.
He explained that Guinea insurance had to confront the issue of perception.
Abidogun said: ”A lot of people have said that insurer is a one man business, meanwhile it is a Plc with a very robust structure”.
The managing director said the insurance firm had started business well this year, in terms of production.
He said that as at February, the insurance firm had done more than 300 per cent of what it did within the same period last year.
He also assured that the company would deliver on its plans for the year.
”The most important thing is for an organisation to have capacity which has to do with financials and people driving the business and we will continue to evolve,” Abidogun said.
