Guinea Insurance Plc says it has injected not less than N900 million as capital into its business in 2022.<\/p>\n\n\n\n
Mr Ademola Abidogun, Managing Director\/Chief Executive Officer of Guinea Insurance, made this known at a news conference on Thursday in Lagos.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201dWe 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.<\/p>\n\n\n\n
\u201dIf you look at the statistics, Guinea Insurance has consistently grown so much in its underwriting profit.<\/p>\n\n\n\n
\u201dWhen you check the financials, you will see that the core business of insurance is underwriting, which means; collect business, underwrite it and make profit,\u201d he said.<\/p>\n\n\n\n
Abidogun said the insurance company was working to improve its investment portfolio, as fund was essential to sustain a business.<\/p>\n\n\n\n
Abidogun said that Guinea insurance\u2019s claims payment method remains one of the best in the market because the firm believes that insurance business is to pay claims.<\/p>\n\n\n\n
\u201dIf 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\u2019s premium,\u201d he said.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
He explained that Guinea insurance had to confront the issue of perception.<\/p>\n\n\n\n
Abidogun said: \u201dA lot of people have said that insurer is a one man business, meanwhile it is a Plc with a very robust structure\u201d.<\/p>\n\n\n\n
The managing director said the insurance firm had started business well this year, in terms of production.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
He also assured that the company would deliver on its plans for the year.<\/p>\n\n\n\n
\u201dThe 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,\u201d Abidogun said.<\/p>\n\n\n
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 […]<\/p>\n","protected":false},"author":2,"featured_media":4789,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1366,949],"tags":[211],"class_list":["post-49020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","tag-insurance","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n