Ebere Nwoji

Great Nigeria Insurance Plc has said that it has risen from its hitherto loss ratio of N736 million in 2022 to  a Profit After Tax of  N2 billion for the year ended December 31,2023.

With this performance, the company said it has remained committed to a rigorous pursuit of excellence in its operations as an insurance company, having  determined to maintain a rare display courage and resilience thus far and would ontinue to give it all it takes to ensure  that it kept thriving in all its business expression.

The company’s Chairman Bade Aluko, disclosed this at the 53rd Annual General Meeting of the company held in Lagos.

Aluko, said gni reported a significant financial turnaround for the year 2023, driven largely by exceptional investment income and sector-wide resilience despite severe national economic conditions.

According to him, the underwriting firm in 2023 transitioned to the International Financial Reporting Standard 17. 

“The 2022 transiting figure for Insurance Revenue stood at N2.6bn, but it dropped in 2023 by 3.8 per cent to N2.5billion The Insurance Service Expense for 2023 stood at N2billion, rising from N1.5billion in the previous year.

“In the current reporting year, the company’s Net Investment Income stood at N4.6bn, higher than N1.3bn, indicating a 254 per cent surge in Investment Income. Profit After Tax jumped to N2bn from a loss of N736m in 2022”, he highlighted.

He said Net Investment Income was highlighted as a key driver of the company’s success, adding that in the current reporting year, the company’s Net Investment Income stood at N4.6billion as against the 2022 figure, which was N1.9billion.”

Aluko, acknowledged the broader macroeconomic context, saying, “Our organisation gallantly thrived through the avalanche of economic woes that swept businesses globally and locally since the unfortunate throes of the pandemic and the Russia/Ukraine war”..

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