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× Search * Advertise with us * Tuesday, March 14, 2023 * * * * * Most Widely Read Newspaper Videos * Home * 2023 Elections * News * Metro Plus * Investigations * Videos * Sports * Politics * Business * HealthWise * Editorial * Columns * Podcast * PUNCHNG MENU: * Video * Spice * Special Features * Education * Sex & Relationship * Interview * Columns * Opinion Breaking News Ogun workers suspend strike after four days Read More GUINEA INSURANCE GETS FRESH N900M CAPITAL 14th March 2023 By Nike Popoola Kindly share this story: * * * * * * Guinea Insurance Plc has said it injected about N900m capital into its business in 2022 financial period. It also said it was in the process of listing 1.8 billion shares. The Managing Director/Chief Executive Officer of the insurance company, Mr Ademola Abidogun, disclosed this at the Nigerian Association of Insurance and Pension Editors’ 2023 first quarter CEO’s Forum in Lagos. Abidogun said the insurer has huge funds within its system and over N2bn cash under its management to do business. Powered By 00:00/09:38 10 Èdè Wa Ni: Ẹ Pàdé Àròjinlẹ̀ Tó Ń Dá Àwọn Ènìyàn Lẹ́kọ̀ọ́ Nípa Ẹranko Lédè Yoruba Share Next Stay He noted that the underwriting firm made its highest gross premium written of N1.4bn in 2022, compared to the last 10 years. The managing director said, “We were also able to make underwriting profit. If you look at the statistics, Guinea insurance has consistently grown so much in its underwriting profit. “When you check the financials, you will see that the core business of insurance is underwriting, which means; collect business, underwrite it and make profit.” Related News * Guinea Insurance expands underwriting business * Guinea Insurance pays N686m claims in three years * Guinea Insurance introduces self-service portal According to Abidogun, the insurance company was working to improve its investment portfolio, as fund was essential to sustain a business. He said Guinea insurance’s claims payment method was one of the best in the market because the firm noted one of the main reasons for doing insurance business was to pay claims. “If we pride ourself as one of the best in the industry in terms of claims payments, we must be able to pay claims after collecting people’s premium,” Abidogun said. According to him, while the underwriting firm had experienced some challenges few years back in the market, it had been able to resuscitate its business between 2021 and 2022. Abidogun noted that Guinea insurance also had to confront perception issues, because a lot of people thought the insurer was a one man business, meanwhile it was a Plc with a robust structure. The managing director said the insurance firm had started business well in year 2023 in terms of production and as of February, it had done over 300 per cent of what it did same time last year. Kindly share this story: * * * * * * All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Contact: theeditor@punchng.com join our telegram Breaking News: E be like say luck don come o! 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LATEST NEWS * 19 minutes ago YOBE LG AUDITOR-GENERAL JAILED FIVE YEARS FOR FRAUD * 30 minutes ago DANGOTE SUGAR APPOINTS NEW DIRECTOR * 37 minutes ago BREAKING: GUNMEN KIDNAP ACCORD RIVERS ASSEMBLY CANDIDATE * 40 minutes ago FAYEMI’S AGRIC PROGRAMMES INCREASED IGR TO N1BN - EX-EKITI COMMISSIONER * 50 minutes ago POLICE DECLARE BAUCHI REP WANTED TOP NEWS KADUNA EX-GOVS SHOULD SWEAR THEY NEVER STOLE FROM TREASURY — EL-RUFAI February 19, 2022 HOUSE POLL: OBASEKI FRETS AS NATIONAL ASSEMBLY ELECTION DEFEAT UNSETTLES GOVERNOR EMEFIELE FINALLY BOWS TO PRESSURE, SAYS OLD NAIRA NOTES LEGAL TENDER TINUBU HAS NO PREFERRED CANDIDATES FOR NATIONAL ASSEMBLY LEADERSHIP – SHETTIMA IMO PDP CHIEFTAINS DIVERTED ATIKU’S FUND TO APC – SECRETARY FG PROBES THEFT IN $1.1BN OIL WELL I WASN’T PART OF SEARCH FOR KIDNEY DONOR – EKWEREMADU’S WIFE CBN DIRECTS BANKS TO RECEIVE, DISPENSE OLD NAIRA NOTES NEW NAIRA: BUHARI DIDN'T TELL CBN TO DISOBEY COURT ORDERS — PRESIDENCY APC CHAIRMAN SAYS ELECTION FREE, FAIR BUT NOT PERFECT * News * Sports * Metro Plus * Politics * Featured * Latest News * Business * Business & Economy * Opinion * Entertainment * Auto Famous * Auto Punch * Barka Da Sallah * Barrier Breakers * Breaking News * Brexit * Columns * Corona * Anti-corruption * Biafra * Boko Haram * Case Review * Court News * Court Trivia * Campus Champion * Celebrity * City round * Interview * Panorama * Opinion * Special Features * Spice * Technology * Famous Parent * Education * Cartoon * Columns * Diaspora * Advertise with us * Subscribe Subscribe * * * * * punchng.com © 1971- 2023 Punch Nigeria Limited * About us * Advertise with us * Contact We'd like to show you notifications for the latest news and updates. 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