The shareholders of Guinea Insurance Plc have approved the firm to raise additional capital as may be required due to the signing of the Nigerian Insurance Industry Reform Act 2025.
The approval was given at the 67th Annual General Meeting of the company, where shareholders virtually reviewed the company’s performance over the past year and set a clear path for its next phase of growth and transformation.
During the meeting, Mr. Temitope Borishade presided over deliberations on a range of ordinary and special business matters.
As part of the ordinary business, shareholders ratified his appointment as Chairman of the Board. They also confirmed the appointments of Mrs. Bernice Okosun, Mrs. Ijeoma Okoro, and Dr. Chukwukaondinaka Okeke as Directors. Also, Mr. Samuel Onukwue was re-elected to the Board following his retirement by rotation.
“Under special business, shareholders granted approval for the company to raise additional capital when necessary, in line with the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
This forward-thinking resolution is designed to give the company the flexibility to strengthen its capital base, comply with upcoming regulatory benchmarks, and strategically position itself to compete more effectively and take on larger, more complex businesses as the insurance industry continues to evolve,” disclosed a statement from the firm on the AGM.
In terms of financial performance, the Guinea Insurance saw its Gross Premium Written grow 35.6 per cent, rising from N2.17bn in 2023 to N2.94bn in 2024, driven by growth across key business lines and improved product penetration. Insurance revenue rose 36.6 per cent, increasing from N2.08bn in 2023 to N2.84bn in 2024. Prudent investment strategies and effective financial management generated remarkable results, with Investment and Other Income climbing 76.4 per cent from N765.20m to N1.35bn in 2024. Profit Before Tax rose sharply by 81 per cent, moving from N499.21m in 2023 to N904.41m in 2024, while Profit After Tax increased 96 per cent, from N477.55m to N936.55m, underscoring operational efficiency and disciplined cost control. Shareholders’ Funds also grew 49.3 per cent, rising from N3.49bn in 2023 to N5.22bn in 2024, establishing a stronger financial foundation for future expansion and stability.
Speaking on the events of the AGM, the Board Chairman, 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 shareholders now granting approval to raise capital in line with NIIRA 2025, the company is prepared to implement its carefully crafted recapitalisation plan.
“This will enhance our ability to compete, scale operations, and seize opportunities to grow bigger and deliver greater value to all stakeholders.”
At the AGM, the board and management reaffirmed their commitment to sustainable value creation, innovation, and operational excellence, pledging to further deepen customer trust and strengthen Guinea Insurance’s position as a leader in the Nigerian non-life insurance sector.
