Lagos: Guinea Insurance Plc has posted a 6.9 per cent increase in total assets, reaching N7.75 billion for the first quarter ended March 31, 2026, indicating improved investment performance and balance sheet robustness. This growth is a step up from the N7.25 billion recorded in the corresponding period of 2025.
According to News Agency of Nigeria, the company’s asset growth was primarily driven by gains in its investment portfolio and asset optimisation strategies. Investment properties saw a 29.5 per cent rise to N1.11 billion, attributed to favourable revaluations. Additionally, Guinea Insurance reported a decrease in net expenses on reinsurance contracts, falling to N109.3 million from N174.7 million in the same period of the previous year. This reduction was credited to a more conservative risk transfer strategy and enhanced reinsurance cover to mitigate exposure to emerging risks and high-value claims.
However, there was a significant rise in insurance service expenses, which surged by approximately 803 per cent to N850.1 million from N94.1 million in the corresponding period of 2025. This increase was largely due to the settlement of multiple high-value claims, which were promptly honoured, demonstrating the company’s commitment to policyholders. Despite the claims impacting earnings and profitability, resulting in a loss for the period, the company remains focused on its long-term goals.
The Managing Director of Guinea Insurance Plc, Mr Ademola Abidogun, commented that the performance reflects broader industry trends rather than company-specific challenges. He emphasized that despite the temporary setback in profitability, the business fundamentals remain solid. Abidogun highlighted that the claims experience was reflective of broader industry trends and not isolated to Guinea Insurance. The company made a deliberate decision to settle all valid claims promptly to reinforce trust, reliability, and customer confidence.
Abidogun expressed confidence in the company’s strengthened risk management framework, disciplined underwriting approach, and enhanced reinsurance programme, which he believes will position the company for a strong rebound in the coming quarters. He reiterated the company’s focus on delivering sustainable value to shareholders while upholding its promise to policyholders. Abidogun also noted that the company is cautiously optimistic about its outlook and has begun implementing recovery measures, including stricter cost controls, portfolio rebalancing, and a renewed focus on more profitable business segments. He expressed confidence that these measures would support earnings recovery and strengthen Guinea Insurance’s competitive position in the insurance industry.