Guinea Insurance reports 49.4% growth in revenue in 2023

Guinea Insurance Plc has reported a 49.4 per cent increase in insurance revenue for the full year 2023 to N2.07 billion from N1.36 billion in 2022.

The impressive growth, according to the company, highlights the successful execution of strategic initiatives aimed at expanding market presence and enhancing customer satisfaction.

“The revenue surge reflects Guinea Insurance’s commitment to product diversification, improved customer service, and market expansion. The company’s innovative insurance solutions tailored to diverse customer needs have played a key role in this success” the company stated. The insurer also achieved a profit after tax of N477.7 million from a loss of N83 million in 2022. Claims incurred increased by 176 per cent to N549.6 million from N199.3 million in 2022.

The company recorded 58.6 per cent improvement in its solvency margin, rising from N2.2 billion in 2022 to N3.49 billion in 2023. This substantial enhancement underscores the company’s financial stability and capacity to meet long-term obligations with increased confidence.

Profit for the year increased by 673 per cent while insurance service increased by 13.3 per cent to N673 million from N594 million.

Speaking on its performance, Mr. Ademola Abidogun, Managing Director/CEO, Guinea Insurance commented said: “This exceptional revenue growth underscores our agility and innovation in addressing customer needs. We are excited about the future and encourage both current and prospective clients to explore our offerings”.

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