Guinea Insurance narrowed its losses to N142 million in the nine months’ period to September 2019, according to its latest financial statement.
The firms Gross Premium Written came in at N795 million, down 22 percent from a year ago, while underwriting profit was 34 percent lower at N236.5 million.
Guinea Insurance was able to lower its after-tax losses by 80 percent to N142 million in September 2020 from N735 million in the earlier 2019 period due to a one-time non-recurring loss of N643.7 million booked last year under other operating losses.
The firms other operating expenses also fell 26.7 percent during the period led by a slide in Staff cost, legal and professional fees and administrative expenses (car repairs and maintenance, ICT expenses, office maintenance).
Guinea Insurance PLC provides insurance services throughout Nigeria. The Company provides services such as general accident, motor, fire, life and pensions, risk insurance packages and engineering.