Home Insurance Digest Guinea Insurance holds out growth strategies

Guinea Insurance holds out growth strategies

Shareholders of Guinea Insurance Plc have thrown their weights behind the company’s newly constituted board of directors.

The new board is chaired by Godson Ugochukwu, a seasoned legal practitioner with over 14 years of consummate legal expertise in all aspects of Nigerian and International Laws.

Mr. Ugochukwu has served in many top Nigerian law firms. He is an established specialist in Corporate and Commercial Law and Practice; Civil and Commercial Litigation; Maritime and Environmental Law; Oil and Gas; Information Technology and Investments; Alternative Dispute Resolution; Tax; Foreign Direct Investments; Project Finance; Business Law; Regulations and Investigation; Power; Private Enquiry; Employment and Labour; Real Estate and Insurance Law.
During the company’s 2015 Annual General Meeting, the 58th in the series held recently at Hawthorn Suites by Wyndham, Garki,  Abuja, the company reported a Gross Premium Income increase of 16.6% amounting to N1.01 billion as against N867.99 million recorded in 2014.
Profit Before Tax increased by 226% amounting to N47.0 million as against N14.4 million recorded in 2014. Loss for the year decreased by 91.2% amounting to N7.2 million as against N81.89 million recorded in 2014. Shareholders’ funds increased marginally by 0.12% amounting to N2.899 billion as against N2.896 billion recorded in 2014.
During an interactive session with shareholders, the chairman while reacting to a question raised by Mr. Patrick Agidua on how the new board intends to take the company on a path of profitability said “the board is currently manned by eminent personalities who have distinguished themselves in various business and professional spheres. We have decided to look inwards to elevate a deserving and competent top executive to chart a new course for the company. This is cost saving and the incentive to deliver adequately will be heightened. I am particularly happy to announce to you today that our efforts in this regard, had begun to pay off as your company turned a profit at the end of the 2016 financial year.”
  “The new board has instituted a corporate culture and performance metrics that is characterized by: poise, good deportment and exceptional service delivery. Year 2015 results are pedestrian and unrepresentative of our business ideals for your company. We therefore, request support from all quarters to enable us in togetherness, get your company out of the woods and guided to a path of sustained profitability …in the words of Henry Ford – Coming together is a beginning; keeping together is progress; working together is success” he added.
 For a better society


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