Yemisi Izuora
Guinea Insurance has announced a Gross Premium Income increase of 16.6 percent amounting to N1.01 billion as against N867.99 million recorded in 2014.
Profit Before Tax increased by 226 percent amounting to N47.0 million as against N14.4 million recorded in 2014. Loss for the year decreased by 91.2 percent amounting to N7.2 million as against N81.89 million recorded in 2014.
Shareholders’ Funds also increased marginally by 0.12 percent amounting to N2.899 billion as against N2.896 billion recorded in 2014.
The Chairman of the Board of Directors of the company Godson Ugochukwu, reacting to comment raised by Mr. Patrick Agidua a shareholder of the company during its 2015/58th annual general meeting on how the new board intend to take the company on a path of profitability, said “the board is currently manned by eminent personalities who have distinguished themselves in various business and professional spheres.
We have decided to look inwards to elevate a deserving and competent top executive to chart a new course for the company. This is cost saving and the incentive to deliver adequately will be heightened.
I am particularly happy to announce to you today that our efforts in this regard, had begun to pay off as your company turned a profit at the end of the 2016 financial year.
To the shareholders in general, he added “the new board has instituted a corporate culture and performance metrics that is characterized by: poise, good deportment and exceptional service delivery. Year 2015 results are pedestrian and unrepresentative of our business ideals for your company.
We therefore, request support from all quarters to enable us in togetherness, get your company out of the woods and guided to a path of sustained profitability …in the words of Henry Ford – Coming together is a beginning; keeping together is progress; working together is success.”