Guinea Insurance Plc has disclosed the 2020 financial year result admitting that the modest result was aided by accelerated digitisation of the company’s engagement platforms for customers ease of business, robust supply chain interactions and streamlined internal operations.
These combinations the board chairman Mr. Ugochukwu Godson stated at virtual annual general meeting, flagged down loss, it dropped significantly by 71% from previous N795 million to N227.6 million. Also the company recorded 15.2% savings in its operational expenses, from N868.6 million to N736.3 million.
The chairman who was represented by a board director, Mr. Samuel Onukwue, attributed it to management operational excellence which embraced essential principles and methods to create significant improvement within the work environment.
Further financial statement indicated that the gross premium written was N1.08bn as against N1.29bn in 2019, a decrease of 16.3%. Gross premium income also decreased by 10.3%, from N1.17bn to N1.05bn. Net premium income decreased by 18.67%, from N902.4 million to N733.9 million. It was also stated that the low single-digits interest rates in the fixed income market considerably caused 50.1% decrease in investment income from N210.06 million to N104.8 million.
In closing, the managing director, Ademola Abidogun, charged stakeholders to to look on the bright side of new things to come as the board was raring to go with its continuous growth and development initiatives, pledging that “we alive to the current economic realities and our single-minded pursuit is to pull out all the stops on our path to success and return the company on the path of sustainable profitability.”