Shareholders laud Guinea Insurance performance

From right: Director, Professor E.L.C. Nnabuife, Director, Engr. Agusiobo Emeka, Divisional Director, Corporate & Legal Services, Alternate Chairman, Mr. Fred Nnamdi Udechukwu, Managing Director, Polycarp Didam at the event.

 

 

·         Promotes deserving employees, supports 2014 Miss Insurance Pet Project

 

Chuks Udo Okonta

 

Shareholders of Guinea Insurance Plc have thrown their weights behind the stride recorded by the firm, even as the management has pledged to take the company on a higher pedestal that will generate positive emotional after-taste and further propel confidence and equitable service delivery for the benefit of stakeholders.

At the company’s 56^th Annual General Meeting (AGM) held recently in Enugu, Enugu State, the company reported a Profit Before Tax increase of 67 per cent amounting to N300million in 2013 as against N179.7million recorded in 2012. Total asset increased by six per cent amounting to N4.2billion in 2013 as against N3.9billion recorded in 2012. Insurance contract liability decreased by 4% amounting to N533million in 2013 as against N555million recorded in 2012. Total equity increased by 16 per cent amounting to N 2.9billion in 2013 as against N2.5billion recorded in 2012. Claims expense increased by 15% amounting to N 324million in 2013 as against the sum of N 281million recorded in 2012.

These results were contained in the company’s Annual Report & Accounts presented to the shareholders at the company’s 56^th Annual General Meeting (AGM), held recently at the Nelson Mandela Hall, Golden Royale Hotel, Enugu, Enugu State.

Chairman of the company, Sir Emeka Offor, in his address to the shareholders, noted that the ambivalent state of the global economy in 2012 was further worsened by the Euro zone sovereign debt crisis, protracted recessions; unprecedented increases in unemployment; slowdown in global economic growth coupled with instability in financial markets, all of which took a heavy toll on consumer spending and impacted negatively on prices of leading world commodities which remained relatively high and volatile.

In his words “In spite of the daunting challenges in the operating environment, your company remained focused and true to its ideals of becoming an insurer of first choice by persistently building capacity, exploring opportunities within the industry and strategically directing its internal processes on the path of returning the your company to profitability”.

The Managing Director of the company, Polycarp Didam, while expressing his profound gratitude for the support and understanding of stakeholders, reiterated his commitment to restructure and reposition the company for better performance. “To achieve this, part of our laid down measures have been to improve our performance management method, a move that led to the recent elevation of twenty-two (22) of our deserving members of staff following the outcome of the company's 2014 half year performance appraisal. On the industry front, we have continued to keep faith with our pledge to constantly support initiatives aimed at pioneering and advocating for increased insurance penetration and awareness in the polity. For some years now, we have been executing various ‘street presence’ CSR initiatives, one of such tagged “Guinea Cleans,” was aimed at creating awareness and keeping its immediate environment clean, because we believe strongly that clean care, is safer care.”

From left: Miss Guinea, Swachet Iliyasu and 2014 Miss Insurance, Funmilola Ogunsola

In addition, Polycarp said, “the Youths are considered the future leaders of tomorrow and as such, they must possess the right attitude and information about insurance in order to advance the progress of the country’s underwriting portfolio. We will continue in our stride to support initiatives geared towards advancing insurance penetration in Nigerian, hence, our donation of educational materials: School bags, biros, notebooks and others in support of this laudable initiative of the industry Beauty Queen titled ‘Teens for Insurance.’

The shareholders praised the board of directors and management of the company for steering the organization to a respectable performance in the financial year ending December 31, 2013, while noting that the global economic downturn had affected many companies thus leading to reversals in their fortunes.

They also observed that in spite of the global economic downturn, the Board and Management grew the Profit Before Tax (PBT) by 67%, while Total Assets also increased by six per cent from N3.9billion recorded in 2012 to N4.2billion in 2013.

These, according to them were key performance indicators that showed that the board and management are on the right track, taking into consideration the present economic condition, low level of awareness and penetration in the industry. “They will surely continue to improve and we expect to see this in the company’s performance report to us at the next AGM,” said Dr. Patrick Ajudua.