Guinea Insurance Plc has received the backing of its shareholders to raise additional capital in response to the recently signed Nigerian Insurance Industry Reform Act (NIIRA) 2025, a move expected to strengthen the company’s competitiveness in the evolving insurance landscape.
The approval was granted at the company’s 67th Annual General Meeting (AGM), where shareholders met virtually to review performance in 2024 and deliberate on the firm’s growth strategy.
Presiding over the meeting, Board Chairman Mr. Temitope Borishade oversaw both ordinary and special business resolutions. Shareholders ratified his appointment as Chairman and confirmed the appointments of Mrs. Bernice Okosun, Mrs. Ijeoma Okoro, and Dr. Chukwukaondinaka Okeke as Directors, while also re-electing Mr. Samuel Onukwue to the Board following his retirement by rotation.
Under special business, the meeting authorised the board to raise fresh capital when required in order to meet the regulatory benchmarks set by NIIRA 2025. According to a statement by the company, the resolution was designed to “give the company the flexibility to strengthen its capital base, strategically position itself to compete more effectively, and take on larger, more complex businesses as the industry continues to evolve.”
Strong Financial Performance in 2024
The AGM also highlighted Guinea Insurance’s robust financial performance for the year under review. Gross Premium Written rose by 35.6 per cent, climbing from ₦2.17 billion in 2023 to ₦2.94 billion in 2024. Insurance revenue grew by 36.6 per cent, reaching ₦2.84 billion compared with ₦2.08 billion the previous year.
Prudent investment strategies contributed to a 76.4 per cent surge in Investment and Other Income, which rose from ₦765.20 million to ₦1.35 billion. Profit Before Tax jumped 81 per cent to ₦904.41 million, while Profit After Tax nearly doubled—rising 96 per cent from ₦477.55 million in 2023 to ₦936.55 million in 2024. Shareholders’ Funds also expanded significantly, increasing 49.3 per cent to ₦5.22 billion, thereby strengthening the company’s financial foundation.
Chairman Reaffirms Growth Strategy
L-R: Non-Executive Director, Bernice Okosun; Non-Executive Director, Ijeoma Okoro; Managing Director / CEO, Ademola Abidogun; Chairman, Board of Directors, Temitope Borishade; Company Secretary, Chinenye Nwankwo; Non-Executive Director, Samuel Onukwue; Executive Director, Pius Edobor; and Executive Director, Ogonna Offor-Orabueze, at the recently held Annual General Meeting of Guinea Insurance. | Credit: Guinea Insurance Plc
Commenting on the results, Mr. Borishade described the performance as evidence of resilience and effective execution. “Our 2024 results reflect not only the strength 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.
At the close of the meeting, the board and management reaffirmed their commitment to sustainable value creation, customer trust, innovation, and operational excellence, pledging to deepen Guinea Insurance’s position as a leader in Nigeria’s non-life insurance sector.