By Henry Uche
Great Nigeria Insurance Plc has successfully said it recorded N1bn as profit before tax and N8.3billion as Gross Premium Written (GPW) for 2021. It disclosed this at its 51st annual general meeting held recently in Lagos.
The company’s spokesperson / Manager, Corporate Communications, Brand Management & Customer Service, Ms. Oyinkansola Sobande, who shared this information during a press parley shortly after the event, said the company, no doubt has every reason to appreciate all its shareholders for their unwavering faith in the Board and Management of the underwriting company and that the state of affairs will continually improve despite the challenges posed by the economic terrain.
Sobande who gave the assurance that the composition of the assets was well structured to position the company for better future performance, also affirmed that the company defied all odds as the it continues to post an impressive performance year in, year out, noting that the drive to continue to uphold a strategic and comprehensive growth strategy still forms the bedrock upon which the company is built.
“Amidst the various challenges that characterized the industry within the year, we are able to record a Gross Premium Written of N8.3billion representing a 16.9percent increase over the N7.1billion recorded in 2020, while claims expenses increased from N1.4billion in 2020 to N2.1billion in 2021.
“Underwriting expenses declined drastically during the period under review. Moreso, the company recorded a Profit Before Tax of N1billion as against a loss of N718million in the previous year. In addition, the company’s total assets rose from N15.5billion to N20.6billion representing 32.9% increase,” she revealed.
Similarly, the Managing Director/CEO, Mrs. Cecilia O. Osipitan attributed the positive performance to the commitment shown by every member of staff whom she described as the drivers of the turnaround initiative coupled with the fact that the management team of the company was also dedicated to ensuring that the shareholders of the company get a good return on their investments.
She further reiterated the company’s unwavering commitment to creating value for both shareholders and stakeholders alike. In her words, “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”.
“No doubt that Great Nigeria Insurance is unrelenting in our efforts to become one of the country’s most reliable underwriting firms as we continues to seek for ways to optimally cater to our customers through a strengthened capital base, an extensive network of branches and an undaunting passion to continually tap into InsurTech to revolutionize our operations,” she posited.