DETAILED OVERVIEW OF THE GUINEA INSURANCE PLC FINANCIAL PERFORMANCE REPORT
1. Profit Surge: Guinea Insurance Plc reported a profit after tax of NGN 477.77 million for the year ending December 31, 2023. This represents a significant turnaround from a loss of NGN 83.27 million in the previous year, marking a 673.7% increase.
2. Revenue Growth: The company's insurance contract revenue increased by 49.3%, reaching NGN 2.08 billion compared to NGN 1.39 billion in 2022. This growth is attributed to higher gross premium income and effective risk management strategies.
3. Financial Metrics:
- Profit Before Tax: There was a notable improvement, shifting from a loss of NGN 75.36 million in 2022 to a profit of NGN 499.65 million in 2023.
- Income Tax Expense: The tax expense rose to NGN 21.88 million, up 176.4% from NGN 7.92 million in 2022.
- Operating Expenses: Slightly decreased to NGN 862.12 million from NGN 862.80 million in the previous year.
4. Balance Sheet Highlights:
- Total Assets: Increased by 22.4% to NGN 4.14 billion, up from NGN 3.37 billion. This growth is attributed to improved management of cash equivalents and financial assets.
- Equity: Rose significantly to NGN 3.50 billion from NGN 2.08 billion, reflecting improved financial health and investor confidence.
- Insurance Contract Liabilities: Adjusted in line with IFRS 17 standards, totaling NGN 2.07 billion, slightly higher than the previous year due to increased business activities.
5. Investment and Reserves:
- Contingency Reserve: Increased to NGN 95.55 million from NGN 40.78 million.
- Investment: Remained stable at NGN 102.82 million.
- Fair Value Gains on Investment Properties: Held steady at NGN 6.70 million.
- Other Operating Income: Remained unchanged at NGN 113.61 million.
6. Regulatory Update: Guinea Insurance obtained regulatory approval to issue NGN 1.8 billion in ordinary shares at 50 kobo per unit. This approval was granted by the National Insurance Commission, the Securities and Exchange Commission, and the Nigerian Exchange Group.
1. Profit Surge: Guinea Insurance Plc reported a profit after tax of NGN 477.77 million for the year ending December 31, 2023. This represents a significant turnaround from a loss of NGN 83.27 million in the previous year, marking a 673.7% increase.
2. Revenue Growth: The company's insurance contract revenue increased by 49.3%, reaching NGN 2.08 billion compared to NGN 1.39 billion in 2022. This growth is attributed to higher gross premium income and effective risk management strategies.
3. Financial Metrics:
- Profit Before Tax: There was a notable improvement, shifting from a loss of NGN 75.36 million in 2022 to a profit of NGN 499.65 million in 2023.
- Income Tax Expense: The tax expense rose to NGN 21.88 million, up 176.4% from NGN 7.92 million in 2022.
- Operating Expenses: Slightly decreased to NGN 862.12 million from NGN 862.80 million in the previous year.
4. Balance Sheet Highlights:
- Total Assets: Increased by 22.4% to NGN 4.14 billion, up from NGN 3.37 billion. This growth is attributed to improved management of cash equivalents and financial assets.
- Equity: Rose significantly to NGN 3.50 billion from NGN 2.08 billion, reflecting improved financial health and investor confidence.
- Insurance Contract Liabilities: Adjusted in line with IFRS 17 standards, totaling NGN 2.07 billion, slightly higher than the previous year due to increased business activities.
5. Investment and Reserves:
- Contingency Reserve: Increased to NGN 95.55 million from NGN 40.78 million.
- Investment: Remained stable at NGN 102.82 million.
- Fair Value Gains on Investment Properties: Held steady at NGN 6.70 million.
- Other Operating Income: Remained unchanged at NGN 113.61 million.
6. Regulatory Update: Guinea Insurance obtained regulatory approval to issue NGN 1.8 billion in ordinary shares at 50 kobo per unit. This approval was granted by the National Insurance Commission, the Securities and Exchange Commission, and the Nigerian Exchange Group.