Great Nigeria Insurance maintains growth trajectory on N10.2bn gross premium as claims payment peaks at N3.3bn

Great Nigeria Insurance Plc said that it achieved a Gross Premium Written of N10.2 billion in 2022, representing an increase of 19.9% over the previous year‘s turnover of N8.3 billion

The company’s chairman, Bade Aluko who revealed the figures while addressing shareholders at the 52nd Annual General Meeting  which held in Lagos said that the underwriting outfit has continued to tow the path of profitability despite the stiff and challenging operating environment.

He informed that the company’s underwriting Income stood at N9.6 billion in 2022, indicating a 21.6% increase over the N7.8 billion of 2021, while claims expenses increased from N2.1 billion in 2021 to N3.3 billion in 2022. The company’s total assets as of 2022 were valued at N26.9 billion, reflecting an increase of 26.6% from the previous year, which stood at N20.6 billion just as the shareholder’s funds which stood at N6.3billion in 2021, increased to N7.3 billion in 2022.

GNI’s over 60 years experience in Insurance underwriting, financial advisory and real estate investments have enabled the company  to master the business terrain

As a forward-looking business entity, Aluko assured that the organisation will continue to harness all its resources, both human capital and financial, in taking advantage of the opportunities embedded in the insurance market for growth and profitability.

“It is our plan to also continue to delight our esteemed shareholders and stakeholders alike. In a similar vein, the Group Managing Director of GNI, Mrs. Olapeju Osipitan The consciousness of our corporate mandate constantly keeps us on our toes. We are committed to our vision statement of being the insurance company of choice for keeping promises to stakeholders.

“With the litany of operating challenges that beset us, our resolve to keep flying stems from the commitment to keep our promise to stakeholders. We understand the height of trust and support from our stakeholders, and we will not relent in proving ourselves worthy of it daily.

“We will ensure that our company will keep retooling, restructuring, and repositioning to keep up with the best global practices in the insurance business. Our commitment to training and retraining our staff to acclimatise with current demands in technology and remain competitive will not wane. We will continue to aspire to higher levels of astuteness and assiduousness with all our customers and in all our business engagements. Our pledge to you, dear esteemed shareholders, is to meet your expectations. We will not fail you”, Mrs Osipitan reiterated.

While pointing out that the level of insurance penetration in Nigeria is still lower than 1 percent, she counseled that awareness through effective sensitisation is the key that will unlock the limitless mines of opportunities that lie untapped both for industry players and potential customers alike.

Mrs. Osipitan further charged stakeholders in the insurance industry to take all necessary steps in constantly widening the net through unrelenting campaigns and sensitisations, stressing that the insurance operators must take all proactive measures to educate the people on the dividends of insurance cover.