By David Akinmola
POLICYHOLDERS of Great Nigeria Insurance Plc (GNI) are set to enjoy improved service delivery and stronger claims confidence as the insurer deepens its growth strategy, recording a profit after tax (PAT) of N2 billion for the 2023 financial year, a sharp turnaround from a N736 million loss in 2022.
The impressive rebound underscores GNI’s renewed operational strength and strategic realignment aimed at enhancing value creation for its policyholders and investors. The company’s performance also signals increasing stability in Nigeria’s insurance in Nigeria’s industry, aimed at ongoing economic and regulatory reforms.
Speaking at the firm’s yearly general meeting in Lagos, Chairman of the Board, Bade Aluko, said the 2023 result reflected GNI’s resilience and strategic foresight in navigating domestic and global economic headwinds.
According to him, the company’s net investment income soared to N4.6 billion in 2023 from N1.3 billion in 2022, driven by prudent asset management and efficient capital allocation.
This, he said, has positioned GNI to deliver returns to policyholders through prompt claims settlement and expanded coverage.
“Our organisation thrived gallantly through the avalanche of economic woes that swept businesses globally and locally since the pandemic and the Russia-Ukraine war,” Aluko said. “We are now focused on translating our financial gains into tangible benefits for our customers from faster claims processing to innovative, technology-driven insurance solutions.”
While insurance revenue dipped slightly by 3.8 per cent, from N2.6 billion in 2022 to N2.5 billion in 2023, insurance service expenses rose by 33 per cent from N1.5 billion to N2 billion, reflecting inflationary pressures and ongoing investments in market expansion.
Aluko noted that the insurer’s financial statements were prepared under the new International Financial Reporting Standard (IFRS 17), which took effect in January 2023, ensuring transparency and compliance with global best practices.
He reiterated the company’s commitment to sustaining its growth discipline in a challenging business climate, and we remain focused on building a stronger, more efficient organization that delivers lasting value to policyholders,” he said.
