Semi-OT: Another business of Offor's
Guinea Insurance records 31% income increase
• Tuesday, Dec 5, 2006
Guinea Insurance Plc has announced a gross premium income of N526.18 million for the year ended December 31, 2005 showing an increase of 31 per cent over N401.455 million in 2004.
Also, earned premium for the year was N472.954 million compared to N267.99 million, an increase of 76 per cent profit before tax was N39.051 million as against N37.682 million in 2004, an increase of four per cent. Also investment income rose from N14.669 million to N17.693 million or 21 per cent increase.
The company chairman, Sir Emeka Offor told shareholders at the 48th annual general meeting that the company’s performance for the period under review is impressive in spite of the difficulties within the operating environment.
According to him, “In the last yearly general meeting of your company, you may recall that your board of directors informed you of the reforms likely to affect the industry in relation to the new capital structure and obtained your approval to ensure that your company meets the recapitalisation requirement.
“I wish to inform you that your board is on course and has concluded arrangements for a rights issue which is targeted at the existing shareholders. The issue will soon open, I therefore urge all of you shareholders to participate in the rights issue.”
“It is of general belief that after the recapitalisation, the sector will be more vibrant and purposeful, as very few insurance companies will remain as big players in the market which will bring some level of sanity in the industry,” he said.
