Great Nigeria Insurance Plc (GNI) has staged an impressive financial recovery, reversing its 2022 loss of N736 million to record a profit after tax of N2 billion for the 2023 financial year.
The company’s performance was disclosed during its 53rd Annual General Meeting (AGM) held recently in Lagos.
Speaking at the event, GNI Chairman, Mr. Bade Aluko, attributed the turnaround to robust investment income and the resilience of the insurance sector despite Nigeria’s challenging economic landscape.
“Our organisation gallantly thrived through the avalanche of economic woes that swept businesses globally and locally since the throes of the pandemic and the Russia-Ukraine war,” Aluko said. “The ripple effects of these crises, compounded by domestic economic reforms, may have had some impact on our operations, but as reflected in our books, we have emerged profitable regardless.”
Financial Performance
In 2023, GNI transitioned to the International Financial Reporting Standard (IFRS) 17, which redefined its performance reporting framework. Under this new standard, the firm’s Insurance Revenue stood at N2.5 billion, a 3.8 per cent decline from N2.6 billion in 2022.
Meanwhile, Insurance Service Expenses rose from N1.5 billion in 2022 to N2 billion in 2023.
A major highlight of the year was the company’s Net Investment Income, which surged by 254 per cent, from N1.3 billion to N4.6 billion. This exceptional investment performance was the primary driver of the year’s profitability, pushing GNI’s bottom line from a N736 million loss in 2022 to a N2 billion profit in 2023.
Outlook for the Insurance Industry
Aluko outlined four major forces expected to shape the future of Nigeria’s insurance industry: regulatory upgrades such as IFRS 17, economic reforms, technological advancement, and the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025.
He noted that IFRS 17 will bring greater transparency and boost investor confidence by standardising performance reporting, making it easier to compare companies and attract foreign investment.
“The newly signed NIIRA 2025 introduces radical reforms aimed at strengthening confidence and trust in the Nigerian insurance industry,” Aluko said. “It also establishes a robust system that safeguards policyholders in the event of insolvency while reinforcing the financial stability of insurers.”
Despite these positive reforms, he cautioned that the industry still faces macroeconomic headwinds that could hinder short-term growth if not adequately managed.
Commitment to Growth and Resilience
Reassuring shareholders, Aluko affirmed GNI’s dedication to maintaining operational excellence and resilience in a volatile business environment.
“Great Nigeria Insurance Plc remains committed to a rigorous pursuit of excellence in all our operations,” he said. “We have demonstrated remarkable courage and resilience, and we will continue to give our best to sustain growth across all our business lines.”
Mandatory Takeover Underway
GNI is currently undergoing a mandatory takeover by Insurance Resourcery and Consultancy Services Limited, which plans to acquire 500 million ordinary shares of the company at N1.30 per share. The transaction complies with Part XII, Section 143 (2) of the Investments and Securities Act, 2025.
With its strong 2023 performance and strategic restructuring, Great Nigeria Insurance Plc appears well-positioned to strengthen its foothold in Nigeria’s evolving insurance landscape.
