Cynthia Ezekwe
Great Nigeria Insurance Plc (GNI), an insurance underwriting and financial advisory firm, announced a 19.9 per cent year-on-year growth in its gross premium written, increasing from N8.3 billion in 2021 to N10.2 billion in 2022.
Bade Aluko,the company’s chairman, made the disclosure at its 52nd annual general meeting, which was recently held in Lagos State.
According to Mr. Aluko, GNI continued to generate profits despite the challenging operating environment. The company’s underwriting income increased by 21.6 per cent to N9.6 billion in 2022 from N7.8 billion in 2021. This growth in income was attributed to the company’s focus on generating higher revenue streams and reducing operational costs. In addition, claims expenses rose from N2.1 billion in 2021 to N3.3 billion in 2022. This increase was largely due to a rise in claims related to natural disasters and accidents.
As of 2022, the company’s total assets stood at N26.9 billion, an impressive increase of 26.6 per cent from the N20.6 billion reported in 2021. The company’s shareholder’s funds also increased significantly, from N6.3 billion in 2021 to N7.3 billion in 2022.
GNI’s chairman reaffirmed the company’s commitment to leveraging its human and financial resources to capitalize on the growth opportunities available in the insurance market. He emphasized the company’s focus on identifying and seizing opportunities that would drive long-term profitability and growth.
In a statement, Olapeju Osipitan,GNI’s group managing director, reaffirmed the company’s commitment to its corporate mandate and vision statement. Osipitan stated that the company is constantly on its toes, focused on fulfilling its promises to all stakeholders.
“With the litany of operating challenges that beset us, our resolve to keep flying stems from the commitment to keep our promise to stakeholders. We understand the height of trust and support from our stakeholders, and we will not relent in proving ourselves worthy of it daily,’’ Osipitan said.
