Great Nigeria Insurance Plc reports that its gross premium written increased by 19.9% to N10.2 billion in 2022, up from N8.3 billion in 2021.
According to The Punch, Bade Aluko, the company’s Chairman, made the announcement at the company’s 52nd annual general meeting in Lagos.
He added in a statement that GNI has remained profitable despite a difficult operating environment.
Underwriting income climbed by 21.6 percent to N9.6 billion in 2022, up from N7.8 billion in 2021, while claims expenses increased from N2.1 billion in 2021 to N3.3 billion in 2022.
According to the announcement, the company’s total asset as of 2022 was N26.9 billion, a 26.6 percent increase from N20.6 billion in 2021.
Shareholder funds increased from N6.3 billion in 2021 to N7.3 billion in 2022.
Aluko pledged that the organisation would continue to use all of its resources, both human and financial, to capitalise on the prospects for development and profitability built in the insurance market.
The Group Managing Director of GNI noted that “The consciousness of our corporate mandate constantly keeps us on our toes.” We are dedicated to being the insurance company of choice for upholding promises to stakeholders, as stated in our vision statement.
“Despite the slew of operational challenges that have befallen us, our determination to continue flying stems from a desire to keep our promise to stakeholders, we realise the importance of our stakeholders’ trust and support, and we will not let them down.”
