National Insurance Commission (NAICOM) has approved the 2017 audited financial statements of underwriting firm, Guinea Insurance Plc.
In a statement, the management of the company disclosed that the approval was granted after a confirmation that Guinea Insurance had substantially complied with the Commission’s regulatory requirements as stated in its letter dated 11th April 2018 and captioned: Approval for Publication of Year 2017 Audited Financial Statements.
In what could better be described as a continuous streak of good performance, the company recorded a marked shift of positive results as at the year ended December 31, 2017.
Accordingly, Gross Premium Written grew by 7 per cent from N906.7 million in 2016 to N967.1 in 2017. Net Premium Income also grew by 15 per cent from N649.5 million in 2016 to N747.1 in 2017.
Underwriting profit grew from N453.4 million recorded in 2016 to N501.1 in 2017 representing a growth rate of 11 per cent. Claims paid by the company on various classes of insurance decreased by 47 per cent from N304.9 million in 2016 to N161.5 million in 2017, due to operational efficiency in terms of people, processes, technology and communications.
Despite the headwinds posed by the retention of Monetary Policy Rate at 14 per cent over the past 2 years, underwriter’s Investment Income recorded a marginal decline of 3 per cent from N215.5 in 2016 to N208.3 in 2017.
The Insurer posted a Profit Before Tax increase of 35 per cent from N176.3 million in 2016 to N237.8 million in 2017; also recording a whopping Profit After Tax increase of 518 per cent from N40.6 million in 2016 to N251.0 million in 2017.
