Guinea Insurance paid N639m claims in 3 years

The management of Guinea Insurance Plc has said the company has paid N639 million claims within three years and will pay all genuine claims promptly.

Managing Director of the company, Mr Ademola Abidogun, disclosed this to journalists at its quarterly CEO forum in Abuja over the weekend.

Giving a breakdown of the claims’ payment, Abidogun said the company paid N216m claims in 2020, and paid N258m in 2021, while claims totalling N165m was paid in 2022.

Abidogun also stated that the company may return to profit terrain in 2023 as loss after tax has drastically reduced to N20m in 2022 from N700m recorded in 2020.

Abidogun said: “Guinea Insurance Plc has continued to make underwriting profit every year. If you look at how the loss after tax has reduced in the last three years, from N700 million to N200 million to N20 million, you will discover that based on what we are doing now, we will make profit by the end of the 2023 financial year.”

On the positive strides of the company, Abidogun noted that Guinea Insurance staff had been outstanding, noting that, “I will also commend the staff for the good work they are doing.”