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Guinea Insurance records 88% drop in claims/expenses

Coughs out N9 million for breaches in result filing

Guinea Insurance Nigeria Plc has reported drop in claims and expenses by about 88 per cent for the period ended 31 December 2016, even as the company has paid a total N9 million sanction for report filling breaches.

The NSE X-Compliance report on default filling report showed that Guinea Insurance Plc paid N3,800,000.00 for Audited resort 2015 default, N 3,700,000.00 for First Quarter 2016 default, N2,200,000.00 for Second Quarter 2016 result filing default and N1,000,000.00 for third Quarter 2016 result filing default.

Meanwhile, the company’s recently released 2016 result showed that Gross premium N906, 692 million was recorded in 2016, against N870, 287 million posted in the corresponding period 2015.

Guinea Insurance recorded decline in its Gross premium income which dropped to N913, 366 million in 2016 financial year, from N
NET premium income closed 2016 financial year at N649, 549 million, from N759, 439 million in 2015 financial year.

Claims expenses closed the 2016 accounting period at N42.1`77 million, which showed about 88 per cent drop , from N269,135 million recorded in 2015 financial year.

Profit for the 2016 financial year dropped to N2. 520 million from N7, 227 million posted in the preceding year.

However, the company declared no divided for its shareholders, in 2015 also, Guinea Insurance did not pay dividend to its shareholders.

Prior to the release of the company’s 2016 audited result, the National Insurance Commission (NAICOM) approved 2016 financial accounts of underwriting firm, Guinea Insurance Plc.

The National Insurance Commission, NAICOM, had earlier this week said it approved the 2016 financial report of 39 out of 49 insurance companies operating in the country.

In a statement on its website, the Insurance Commission said another eight were undergoing a review while the remaining two had been queried for various infractions.

Insurance companies are by law expected to must submit their financial accounts latest by end of June.

By this, Guinea Insurance ranks among Insurance firms that secured NAICOM’s approval having submitted its 2016 International Financial Reporting Standards (IFRS) based accounts to the industry regulator as stipulated in the 2003 Insurance Act.

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