Guinea Insurance Unaudited Financial Report Shows Signs of Recovery – THISDAYLIVE

Guinea Insurance Plc, has announced its unaudited financial results for the period ended 31 March 2026, reflecting a resilient top line performance, a strengthened asset base, and a deliberate strategic response to industry wide claims pressure.

According to the company, net expenses on reinsurance contracts stood at N109.3 million, representing a decline of approximately 162.6 percent from N174.7 million recorded in March 2025. This movement reflects a more conservative risk transfer approach, as the company strengthened its reinsurance cover to mitigate exposure to emerging risks and high value claims within the market.

It said insurance service expenses rose significantly by about 803 percent to ₦850.1 million, compared to N94.1 million in March 2025. 

According to the company, this sharp increase was largely driven by the settlement of a cluster of high value industry claims, which the company honoured promptly and responsibly. These claims, arising from unforeseen risk events, placed considerable pressure on earnings, affecting both top line efficiency and bottom-line performance, and resulting in a loss for the period.

Commenting, the Managing Director/Chief Executive Officer, Guinea Insurance Ademola Abidogun, said, “I While the period under review reflects a temporary setback in profitability, it is important to emphasise that the fundamentals of our business remain sound. The claims experience recorded is reflective of broader industry trends rather than isolated to Guinea Insurance. We made a conscious decision to settle all valid claims promptly, reinforcing our commitment to trust, reliability, and customer confidence. We are confident that our strengthened risk management framework, disciplined underwriting approach, and enhanced reinsurance programme will position the Company for a strong rebound in subsequent quarters. Our focus remains on delivering sustainable value to shareholders while upholding our promise to policyholders.”

He said looking ahead, the company remained cautiously optimistic. “Management has initiated targeted recovery measures, including tighter cost management, portfolio rebalancing, and a renewed focus on profitable business segments,” he explained.