Guinea Insurance Plc records N967m premium in 2017

Guinea Insurance Plc on Sunday said it achieved N967.1 million Gross Written Premium in 2017.
A statement signed by the Team Lead, Corporate Communications of the company, Hanson Ufot, said the GWP grew from N906.7 million in 2016 to N967.1 million in 2017.
The statement stressed that the National Insurance Commission had also approved the 2017 audited financial statement of the underwriting firm.
The statement said: “The approval was granted after a confirmation that the company had complied with the Commission’s regulatory requirements for financial statement’s approval and publication for the Year Ended Dec. 31, 2017.’’
The statement also said the company’s Net Premium Income in the year under review grew from N649.5 million in 2016 to N747.1 million in 2017.
It said: “The Underwriting Profit of the underwriter also grew to N501.1 million in 2017, from N453.4 million recorded in 2016.’’
It, however, said the claims paid on various classes of insurance decreased from N304.9 in 2016 to N161.5 million in 2017, due to operational efficiency of people, technology and communications.
The statement said the Investment Income declined slightly from N215.5 in 2016 to N208.3 million in 2017.
It statted: “A remarkable performance was delivered as the underwriter posted that Profit Before Tax increased to N237.8 million in 2017 from N176.3 in 2016 .
“It also recorded a Profit After Tax of N251 million in 2017, as against N40.6 million in 2016.
“An increase in Shareholders’ Fund, as recorded in the financial statement increased to N3.4 billion in 2017 from N2.9 billion in 2016.’’