Prime Business AfricaGuinea Insurance reported N1.42 billion as revenue in the second quarter (Q2) of 2025, exceeding the N1.26 billion generated in Q2 2024, representing a 12.38 percent increase.
Also, the company incurred insurance service expenses of N562.58 million in Q1 2025, which is lower than the N600.46 million recorded in the corresponding period last year.
Join our WhatsApp ChannelWhile service expenses declined by 6.30 percent, net expenses on reinsurance contracts increased by 211.05 percent year-on-year, from N131.40 million to N408.72 million.
Furthermore, the company’s insurance service result dropped by 15.40 percent to N452.81 million in the second quarter of this year, compared to the N535.30 million posted in the previous year.
Guinea Insurance also reported that net investment income grew to N317.17 million during the review period, up by 101.35 percent from N157.52 million recorded in the second quarter of 2024.
The company boosted its earnings with zero net insurance finance expenses in Q2 this year, compared to the N8.94 million incurred in the same period in 2024.
This was further supported by the 12.59 percent increase in net insurance and investment result, which grew from N683.87 million in the second quarter of last year, to N769.99 million in Q2 2024.
Other operating income increased to N28.75 million in Q2 2025, up by 400.31 percent when compared to the N5.74 million posted in Q2 204.
However, other operating expenses grew by 60.49 percent year-on-year to N905.02 million, from N563.90 million.
Consequently, the company was not profitable during the period under review, as Guinea Insurance recorded N106.27 million loss before tax, compared to the N125.72 million profit before tax (PBT) filed in Q2 last year.
As a result, the company’s income tax reduced by 13.64 percent to N8.45 million in the second quarter of 2025, from the N9.78 million paid as tax in the same period in 2024.
In addition, Guinea Insurance’s total assets grew to N6.96 billion during the period under review, compared to the N5.70 billion recorded in Q2 2024, indicating an increase of 22.11 percent.
Also, total liabilities increased to N1.86 billion in the second quarter of this year, up by 0.58 percent from N1.84 billion recorded in the corresponding period in 2024.
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