Guinea Insurance Plc has secured shareholders’ approval to raise additional capital when required, in line with the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
The resolution, passed at the company’s 67th Annual General Meeting (AGM) held virtually, is expected to give the insurer greater flexibility to strengthen its capital base, meet regulatory requirements, and position itself to compete more effectively in an evolving industry landscape.
The approval comes on the back of strong financial performance in 2024. Gross Premium Written (GPW) grew by 35.6 percent to N2.94 billion, up from N2.17 billion in 2023, buoyed by growth across core business segments and improved product penetration.
Insurance revenue rose by 36.6 percent, reaching N2.84 billion compared to N2.08 billion in the previous year, reflecting the company’s focus on customer-centric solutions and enhanced service delivery.
Investment and other income surged 76.4 percent to N1.35 billion, up from N765.20 million in 2023, driven by prudent portfolio management. Profit before tax advanced 81 percent to N904.41 million, while profit after tax nearly doubled, rising 96 percent from N477.55 million in 2023 to N936.55 million in 2024.
Shareholders’ funds also recorded a 49.3 percent increase, climbing from N3.49 billion to N5.22 billion, underscoring the company’s stronger financial foundation for future expansion.
Commenting on the performance, Chairman Temitope Borishade said:
“Our 2024 results reflect not only the resilience of our business model but also the collective commitment of our stakeholders and workforce. With the approval to raise capital under NIIRA 2025, we are well-positioned to execute our recapitalisation plan, scale operations, and seize opportunities that will deliver greater value to shareholders and stakeholders alike.”
In line with ordinary business at the AGM, shareholders ratified Borishade’s appointment as board chairman. They also confirmed the appointments of Bernice Izilen Okosun, Ijeoma Pearl Okoro, and Dr. Nkemakonam Chukwukaondinaka Okeke as directors, while re-electing Samuel Onukwue following his retirement by rotation.
