Guinea Insurance policy Plc’s gross high quality cash flow diminished by 2.05 for every cent from N1.20 billion in 2018 to N1.17 billion in 2019.
Also, its internet high quality profits lessened a bit by .27 per cent, from N904.9 million in 2018 to N902.4 million in 2019.
Addressing shareholders at the 62nd virtual Yearly Typical assembly of the firm held in Lagos, Guinea Insurance policy Chairman, Godson Ugochukwu, claimed the firm grew its investment income for the yr ended December 31, 2019, by more than 50 per cent.
He mentioned this was made doable by the operational effectiveness of its administration in conditions of folks, processes and technology,
Specifically, for the duration of the time period underneath evaluation, the company’s financial commitment cash flow grew from N139 million in 2018 to N210 million in 2019.
He stated the organization also efficiently managed its operational expenses which diminished by a few per cent, from N904 million in 2018 to N868.6 million in 2019.
Ugochukwu explained the firm throughout the period of time less than review, written quality of N1.29 billion was recorded, as versus N1.24 billion in 2018.
This represented a modest expansion of 4.02 p.c
On measures taken by the company to defeat the recapitalisation deadline, he mentioned: “We are guaranteed not to be left powering, discussions are ongoing and our preparedness has attained an advanced stage but could not be talked about prematurely. We are also on the lookout the way of merger and the company is in discussion with main investors”.
Also talking, Taking care of Director/Chief Executive Officer, Guinea Insurance policy, Ademola Abiodun reported: “It is the intention of our board and administration to recognize opportunities amidst the COVID-19 pandemic, we will regularly leverage information and facts communication engineering to create veritable and very easily obtainable platforms that will not only deliver services authentic-time and in a seamless fashion but also, will supply on the quantities.
“Our longevity as a brand name has stood the check of time and the values made more than the several years are embedded in the loyalty and commitment that we have liked from all stakeholders.”
He reported the board and administration intends to hold Guinea Insurance policies as a legacy for quite a few generations to appear.
“Our energy is created manifest in our passion for large expectations and our single-minded dedication to arise a entire world class business, a person with the scope and economies of scale required to travel residence our unflinching mandate of returning Guinea Insurance coverage on the route of sustainable profitability,” he added.