Guinea Insurance posts ₦967 million turnover for 2017

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Guinea Insurance has released its financial statement for the full year ended December 31, 2017.

The result shows the gross premium grew to ₦967.1  million, as against ₦906.69 million recorded in 2016. Net premium also increased ₦747 million in the year under review from ₦649.5 million in 2016.

Profit before tax stood at ₦237.84 million in 2017, compared to ₦176.3 million in 2016. Profit after tax also increased to ₦251 million in 2017 from ₦40.6 million in 2016.

 

The company was incorporated on 3rd December 1958 as a limited liability company and became a public liability company on January 17, 1991. The foreign shareholders divested their 40% shareholding to existing Nigerian shareholders in 1988.  Guinea insurance was listed on the Nigerian Stock Exchange on 17th January 1991.