Prime Business AfricaGuinea Insurance recorded N706.63 million in insurance revenue in the first quarter (Q1) of 2025, overshadowing the N484.86 million recorded in the corresponding period last year.
The insurer reported the increase in its turnover in its financial reports for Q1 2025, which showed that the revenue rose by 45.73 percent and insurance service expenses declined by 72.55 percent.
Join our WhatsApp ChannelAccording to the report, insurance service expenses dropped to N94.11 million in Q1 2025, falling below the N342.90 million recorded in the first quarter of 2024.
The decline in insurance service expenses led to insurance service result rising by 772.13 percent year-on-year, from N50.19 million to N437.78 million.
Although net expenses on reinsurance contracts grew by 90.40 percent to N174.73 million between January and March 2025, compared to the N91.77 million reported in Q1 2024.
Also, Guinea Insurance recorded N157.19 million as net investment income during the period under review, exceeding the N89.20 million posted in Q1 last year, indicating a 76.22 percent increase.
A significant growth of 655.53 percent was also recorded in insurance finance expense from insurance contracts issued, which grew from N7.60 million in Q1 2024 to N57.42 million in Q1 2025.
Similarly, Guinea Insurance reported a 1,490.78 percent year-on-year increase in insurance finance income from reinsurance contracts held, as it rose from N1.18 million to N18.81 million.
Guinea Insurance also reported that it recorded N38.60 million in net Insurance finance expenses in Q1 2025, compared to the N6.41 million posted in Q1 2024, reflecting an increase of 501.57 percent.
At the end of the quarter in review, the company also recorded a 318.38 percent year-on-year increase in net Insurance and Investment result, which grew from N132.98 million to N556.37 million.
However, Guinea Insurance recorded other operating losses of N1.74 million in the first quarter of this year, compared to the N230.49 million other operating income reported in the corresponding period last year.
The insurer went on to record N135.78 million profit before tax in Q1 2025, compared to the N98.79 million reached in Q1 2024, indicating a 37.44 percent increase.
During the reviewed period, Guinea Insurance filed income tax of N5.47 million, slightly up by 0.86 percent year-on-year, from N5.42 million.
After accounting for taxation, the insurance company ended the first quarter of 2025 with N130.31 million profit after tax (PAT), exceeding the N93.36 million net income reported last year, indicating an increase of 39.57 percent.
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