L-R: Non-Executive Director, Bernice Okosun; Non-Executive Director, Ijeoma Okoro; Managing Director / CEO, Ademola Abidogun; Chairman, Board of Directors, Temitope Borishade; Company Secretary, Chinenye Nwankwo; Non-Executive Director, Samuel Onukwue; Executive Director, Pius Edobor; and Executive Director, Ogonna Offor-Orabueze, at the recently held Annual General Meeting of Guinea Insurance. | Credit: Guinea Insurance Plc
Guinea Insurance Plc has received shareholder approval to raise fresh capital in line with the new Nigerian Insurance Industry Reform Act (NIIRA) 2025, positioning the company for regulatory compliance and long-term growth.
The resolution was passed at the insurer’s 67th Annual General Meeting (AGM), held virtually, where shareholders also reviewed the firm’s performance and endorsed board appointments.
During the meeting, Mr. Temitope Borishade was ratified as Chairman of the Board, while Mrs. Bernice Okosun, Mrs. Ijeoma Okoro, and Dr. Chukwukaondinaka Okeke were confirmed as directors. Mr. Samuel Onukwue was also re-elected to the board following his retirement by rotation.
Under special business, shareholders backed the company’s recapitalisation plan, which management described as a “forward-thinking resolution” that will strengthen its balance sheet, enhance competitiveness, and enable Guinea Insurance to take on larger and more complex risks in a rapidly evolving industry.
The approval comes on the back of a year of robust financial performance. In 2024, Gross Premium Written grew by 35.6% to N2.94bn, while insurance revenue rose 36.6% to N2.84bn. Investment and other income surged 76.4% to N1.35bn, underpinned by prudent asset management.
Profitability also soared, with Profit Before Tax rising 81% to N904.41m, and Profit After Tax nearly doubling by 96% to N936.55m. Shareholders’ funds climbed 49.3% to N5.22bn, reflecting improved capital strength and operational discipline.
Commenting on the results, Borishade said the company’s performance underscored “the resilience of our business model and the collective commitment of stakeholders and staff.” He added that with the recapitalisation plan now approved, Guinea Insurance is well-positioned to scale its operations, deepen customer trust, and deliver greater value.
The board and management reiterated their commitment to innovation, sustainable growth, and operational excellence, pledging to consolidate the firm’s standing in Nigeria’s non-life insurance market.
