Guinea Insurance company recorded a decline in its gross premium written for the year ended September 30, 2020, when compared to the corresponding period of last year, the company’s financial statement for the period under review disclosed.
Law Reporters gathered from the statement that Guinea Insurance’s gross premium written stood at NGN795.77 million, for the year ended September 30, 2020, failing to surpass the NGN1.02 billion reported for the corresponding period of 2019.
The decline was also recorded in the gross premium income of the period under review, as Guiness Insurance reported it generated NGN780.68 million. This is a significant drop when placed beside the NGN846.71 million recorded for the year ended September 2019.
The company’s Underwriting Profit also took a nosedive when compared to the NGN360.93 million it posted for the year ended September 2019. Law Reporters also gathered from the statement that Guinea Insurance Underwriting Profit for the 2020 period was NGN236.52 million.
Meanwhile, Guinea Insurance reported that its Profit Before Tax stood at NGN137.55 million during the period under review, while in the corresponding period of last year, the company posted NGN735.06 million.
Also, the insurance company’s Profit After Tax for the year ended September 2020, was NGN142.12 million, but during the corresponding period of 2019, Guinea Insurance reported NGN735.06 million as Profit After Tax.