Guinea Insurance assets rise amidst Q1 loss
Lagos, May 2026 (TBL Africa) Guinea Insurance Plc reported a 6.9 per cent rise in total assets to N7.75 billion in the first quarter of 2026.
The insurer said this compared with N7.25 billion recorded during the corresponding period of 2025.
It attributed the growth to stronger investment performance, asset optimisation and an improved balance sheet.
Investment properties rose 29.5 per cent to N1.11 billion, supported by favourable revaluations and portfolio adjustments.
Net reinsurance expenses fell to N109.3 million from N174.7 million posted in the same period.
The company said the decline reflected a more conservative risk transfer strategy and stronger cover.
Insurance service expenses, however, surged 803 per cent to N850.1 million from N94.1 million.
It said the increase followed settlement of high-value claims across the industry.
The claims pressured earnings, reducing operational efficiency and pushing the company into loss.
Managing Director, Ademola Abidogun, said: “The period reflects a temporary setback, but our business fundamentals remain strong.
“We settled all valid claims promptly, reinforcing trust, reliability and customer confidence.
“Our strengthened risk management, disciplined underwriting and enhanced reinsurance programme will support a strong recovery.”
Abidogun said management had introduced stricter cost controls, portfolio rebalancing and greater focus on profitable segments.
He said the measures would strengthen earnings and improve market competitiveness. (NAN) (
