Guinea Insurance Plc has secured regulatory approval of the National Insurance Commission (NAICOM), the Securities and Exchange Commission (SEC), and the Nigerian Exchange Group (NGX), to proceed with its proposed issuance of 1.8 billion ordinary shares.
This initiative involved the issuance of 1,802,800,000 Ordinary Shares at 50 Kobo per Share. The endorsement was seen as a reinforcement of the company’s dedication to regulatory compliance and its clear strategic vision to emerge as a leading insurance company in Nigeria.
The CEO of Guinea Insurance Plc, Mr. Ademola Abidogun, expressed his heartfelt gratitude for the tremendous support the company had received from both stakeholders and regulators.
He underscored the crucial significance of the private placement initiative in harnessing emerging opportunities and enhancing value for all stakeholders, noting that the initiative was consistent with the company’s proactive approach to securing future growth, increasing market share and its dedication to maximising returns for investors and partners.
To him, “Guinea Insurance Plc is fully prepared to make the most of this opportunity to further fortify our market position, enhance customer experience, and open doors to even greater possibilities. Our resolute commitment to success and the results of it can be seen from the Company’s performance in Q2 of 2023.”
The company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics. Remarkable boosts were seen in Insurance Contract Revenue (36.54 per cent), Insurance Service Result (57.00 per cent), and Net Investment Income (44.51 per cent).
The transformation of Profit/(Loss) Before and After Income Tax was especially striking, showing an impressive turnaround from loss to profit by 132.2 per cent and 125.96 per cent, respectively.
These positive outcomes, according to the firm’s MD, were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider.
The regulatory approval, he said, demonstrates Guinea Insurance Plc dedication to its stakeholders and its unwavering pursuit of sustainable growth, while remaining attentive to industry trends.