Guinea Insurance Plc recorded a 39.5 per cent increase in profit after tax for the first quarter ended 31 March 2025, with profit rising to N130.3m from N93.4m reported in the same period in 2024.
The unaudited financial statement released by the company on the Nigeria Exchange Limited on Wednesday showed that the improved performance was driven by a 45.7 per cent growth in insurance revenue, which rose to N706.6m in the period under review, compared to N484.9m in the corresponding quarter of the previous year.
The firm also recorded a notable increase in net investment income, which stood at N157.2m in the first quarter of 2025, up from N89.2m posted in the same period in 2024, representing a 76.3 per cent increase.
Investment income alone contributed N154.8m during the quarter, compared to N89.2m a year earlier.
The company’s net insurance and investment result stood at N556.4m in Q1 2025, representing a 318.4 per cent increase from N133m recorded in the corresponding period in 2024.
Total assets rose to N7.25bn, reflecting an improvement from N5.31bn in the same period last year. The company’s total equity also grew significantly by 50.1 per cent to N5.35bn, up from N3.57bn in the comparable period of 2024.
Meanwhile, Guinea Insurance raised its contingency reserve by 99.4 per cent to N64.9m from N32.6m reported in Q1 2024. Basic and diluted earnings per share improved to 1.64 kobo, compared to 1.18 kobo in the previous year.
Despite a slight income tax charge of N5.5m, up marginally from N5.4m, the firm maintained a positive earnings trajectory, demonstrating resilience in its underwriting and investment operations.
The PUNCH reported that Guinea Insurance has set its eyes on earning N1.75bn in gross premiums written in the first quarter of 2025. The insurance company is projecting to see its net underwriting income stand at N1.32bn with claims expenses at N180.69m.
