Great Nigeria Insurance (GNI) on Sunday said it recorded a Gross Premium Written (GPW) of N8.3 billion in 2021, representing a 16.9 per cent increase over N7.1 billion it recorded in 2020.
Ms. Oyinkansola Sobande, Manager, Corporate Communications, Brand Management and Customer Service of GNI, said in a statement in Lagos, the insurer declared the result at its 51st Annual General Meeting (AGM) held on Nov. 14.
Sobande stated that the insurance company’s claims expenses increased from N1.4 billion in 2020 to N2.1 billion in 2021, while its underwriting expenses declined drastically during the period under review.
She noted that the underwriting firm, in the same vein, recorded a Profit Before Tax of N1 billion as against a loss of N718 million it recorded in 2020.
“In addition, the company’s total assets rose from N15.5 billion to N20.6 billion representing 32.9 per cent increase, while its composition of the assets was well structured to position the company for better future performance,” she said.
According to her, shareholders at the AGM attested that the insurer had exceeded their expectations despite the numerous challenges associated with the Nigerian insurance sector both at the micro and macro-economic levels.
Sobande said: “some of the shareholders attested to the fact that the company has shown a lot of tenacity and resilience by preserving its legacy and remaining relevant in the Nigerian insurance industry.
“GNI appreciates all its shareholders for their unwavering faith in the board and management of the underwriting company, hoping that its state of affairs will continually improve despite the challenges posed by the economic terrain.
“The drive to continue to uphold a strategic and comprehensive growth strategy still forms the bedrock upon which the company is built,” she said.
Mrs Cecilia Osipitan, Managing Director/CEO, GNI, attributed the positive performance of the insurance firm to the commitment shown by its staff.
Osipitan noted that the commitment of the staff, combined with the dedication of the company’s management team ensured that the shareholders of the firm got a good return on their investment.
She reiterated that the company would continue to commit to creating value for both shareholders and stakeholders alike.
“The path to achieving growth and sustaining same is not without its challenges, but with the perseverance and doggedness of every member of staff, we were able to overcome and succeed as a team.
“It is without doubt that GNI is unrelenting in its efforts to become one of the country’s most reliable underwriting firms.
“We will continue to seek ways to optimally cater for our customers through a strengthened capital base, an extensive network of branches and an undaunting passion to continually tap into InsurTech to revolutionise its operations,” Osipitan said.
