Guinea Insurance Plc recorded a loss after tax of N114.7m for the first half of 2025, marking a reversal from the N116.1m profit posted in the same period of 2024.
The unaudited financial statements of the insurance firm, filed with the Nigerian Exchange Limited recently, showed that despite a growth in top-line revenue, the firm’s profitability was negatively impacted by a surge in total expenses and underwriting costs.
Insurance revenue rose to N1.42bn from N1.27bn in the same period last year. However, net expenses on reinsurance contracts surged significantly to N408.7m from N131.4m, offsetting gains from increased income.
Investment income rose by 78 per cent to N278m from N156m in H1 2024. The firm also recorded N20m in unrealised foreign exchange gains and N19m in net fair value gains on financial assets, bringing total investment-related income to N317.2m in the period under review.
Profit before tax stood at a negative N106.3m, compared to a positive N125.7m in the same period last year. After accounting for an income tax expense of N8.5m, the company closed the half year with a net loss of N114.7m.
Earnings per share declined to a negative 1.44 kobo from 1.46 kobo in H1 2024.
Total assets rose to N6.97bn as of June 30, 2025, compared to N5.70bn in the same period last year. Equity stood at N5.11bn, while total liabilities amounted to N1.86bn.
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