Guinea Insurance Plc has posted a strong financial recovery in 2023, reporting a 736% jump in profit before tax (BPT), reaching N499.6 million, up from a loss of N75.4 million in 2022.
At the company’s 66th Annual General Meeting (AGM) in Lagos, Chairman Ugochukwu Godson highlighted the company’s successful turnaround strategy, noting significant improvements in revenue, customer retention, and risk management.
Profit after tax (PAT) also saw remarkable growth, climbing by 673.7%, from a loss of N83.3 million in 2022 to a profit of N477.7 million in 2023.
The company’s total revenue rose by 49% to N2.08 billion, driven by market expansion and new products, while investment income surged by 95.4%. Operating expenses increased modestly by 8.4%, reflecting the company’s focus on efficiency amid rising inflation.