By Taiye Olayemi
Guinea Insurance shareholders have approved a special resolution authorising the firm to raise additional capital in line with the recently signed Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
The company announced this at its 67th Annual General Meeting (AGM) held virtually on Wednesday.
Mr Temitope Borishade, Chairman of the Board, in a statement, said the approval would enable the company strengthen its capital base, meet new regulatory benchmarks, and expand its capacity to underwrite larger businesses
Borishade said that the company had been able to grow its profit after tax as it had soared by 96 per cent to N936.55 million in 2024, up from N477.55 million in 2023.
“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,” he said.
The AGM also ratified Borishade’s appointment as Chairman and confirmed Mrs Bernice Izilen Okosun, Mrs Ijeoma Pearl Okoro, and Dr Nkemakonam Chukwukaondinaka Okeke as directors.
In line with corporate governance practice, Mr Samuel Onukwue was re-elected to the board following his retirement by rotation.
Financial results presented to shareholders showed a 35.6 per cent increase in Gross Premium Written from N2.17 billion in 2023 to N2.94 billion in 2024.
Insurance revenue rose by 36.6 per cent to N2.84 billion from N2.08 billion, while investment and other income grew by 76.4 per cent to N1.35 billion in 2024, from N765.20 million in 2023.
The company’s profit before tax also rose sharply by 81 per cent from N499.21 million in 2023 to N904.41 million in 2024.
Shareholders’ funds increased by 49.3 per cent from N3.49 billion in 2023 to N5.22 billion in 2024.
The board and management assured shareholders of sustained growth through innovation, operational efficiency and customer-centric solutions. (NAN) (www.nannews.ng)