Guinea Insurance is targeting a gross premium written (GPW) of N1.75 billion for the first quarter of 2025. This target is outlined in the company’s forecast income statement for the period ending March 31, 2025, which was filed with the Nigerian Exchange Limited at the close of the previous year.

Gross Premium Written represents the total amount of money an insurance company collects from customers for insurance policies during a specific period, before accounting for any expenses or commissions.

The forecast projects Guinea Insurance’s net underwriting income to reach N1.32 billion, with claims expenses estimated at N180.69 million. The company anticipates a profit after tax (PAT) of N526.73 million for the quarter.

In terms of cash flow, Guinea Insurance is expecting commission receivables to amount to N112.88 million, while commission payments are projected to be higher at N262.50 million. The company reported a profit of N170.85 million in its quarterly results for the period ended September 30, 2024, with year-to-date earnings standing at N267.37 million. However, increases in cost of sales and administrative expenses led to a loss of N29.59 million for the quarter, with a year-to-date loss of N58.34 million.

During the company’s Annual General Meeting, Managing Director Ademola Abidogun discussed ongoing recapitalization efforts, aimed at securing additional funding, improving operational efficiency, and expanding product offerings. These efforts are part of a broader strategy to enhance Guinea Insurance’s brand through the #ComfortAssured Integrated Marketing Campaign.

Mr. Abidogun emphasized that the additional funding would help the company strengthen its market position, improve customer experience, and focus on its core activities, particularly underwriting. Chairperson of the meeting, Mr. Ugochukwu Godson, SAN, acknowledged the company’s commitment to positioning Guinea Insurance as a prime investment opportunity and noted its successful efforts to return to profitability.