Business
Guinea Insurance Grows Asset Base to ₦7.75bn
BY NKECHI NAECHE-ESEZOBOR—Guinea Insurance Plc has released its unaudited financial results for the period ended 31 March 2026, showing resilient revenue performance, a stronger asset base, and a deliberate strategic response to mounting industry claims pressure.
The company reported a 6.9% increase in total assets, rising to ₦7.75 billion, supported by solid investment returns. Investment properties grew significantly by 29.5% to ₦1.11 billion, driven by favourable revaluations and ongoing portfolio optimisation efforts.
Net expenses on reinsurance contracts declined to ₦109.3 million from ₦174.7 million in March 2025, representing a reduction of about 37%. This reflects a more cautious risk transfer strategy, as the company strengthened its reinsurance coverage to reduce exposure to emerging risks and high-value claims.
However, insurance service expenses surged sharply by approximately 803% to ₦850.1 million, compared to ₦94.1 million in the same period last year. This increase was largely due to the settlement of several high-value claims across the industry. While these claims impacted profitability, the company prioritised prompt and responsible settlement, which placed pressure on earnings and resulted in a loss for the period.
Commenting on the results, Managing Director Ademola Abidogun noted that the decline in profitability represents a temporary setback rather than a structural weakness.
He stated that the claims experience reflects broader industry trends and is not unique to the company. He emphasised that the decision to settle all valid claims promptly reinforces the company’s commitment to trust, reliability, and customer confidence.
Abidogun added that enhanced risk management practices, disciplined underwriting, and a strengthened reinsurance programme are expected to support a recovery in performance in the coming quarters.
Looking ahead, the company remains cautiously optimistic. Management has introduced targeted recovery initiatives, including stricter cost controls, portfolio rebalancing, and a renewed focus on more profitable business segments. These measures are expected to restore earnings momentum and strengthen the company’s competitive position within Nigeria’s insurance sector.
The post Guinea Insurance Grows Asset Base to ₦7.75bn appeared first on Business Today NG.
BY NKECHI NAECHE-ESEZOBOR—Underwriting firm, Linkage Assurance Plc has released its unaudited financial results for the first quarter ended March 31, 2026, posting a sharp surge in profitability despite a challenging operating environment.
The standout highlight is the company’s profit after tax (PAT), which soared by 748 percent to N6.25 billion, up from N736.3 million in the corresponding period of 2025. Similarly, profit before tax (PBT) jumped by 689 percent to N6.57 billion, compared to N833.2 million a year earlier.
This remarkable performance signals a decisive turnaround in bottom-line growth and positions Linkage Assurance among the standout performers in Nigeria’s insurance sector for the quarter under review.
A closer look at the results reveals a significant surge in investment and other income, which rose by 425 percent to N8.60 billion from N1.64 billion in the prior year. This underscores the company’s ability to navigate its operating environment and capitalise on market opportunities.
Insurance revenue for the period recorded a modest increase of 6 percent to N6.40 billion. However, insurance service expenses rose by 73 percent, reflecting the company’s readiness to meet claims obligations promptly and reinforce customer trust.
Linkage Assurance also strengthened its financial position during the period, with a more robust balance sheet as total assets grew by 13 percent to N87.27 billion from N76.9 billion, driven by increased investment holdings and business expansion.
Commenting on the results, Daniel Braie, Managing Director/CEO of Linkage Assurance Plc, said the company is strategically positioned to deepen customer confidence through quality service delivery and prompt claims settlement.
“What we have promised as an insurer is to be there for our customers when they need us. That is why we prioritise claims and ensure they are delivered promptly,” he said.
He expressed optimism about the company’s outlook for the coming quarters, noting that it remains well-positioned to sustain strong market performance and deliver value to stakeholders.
Management’s 2026 theme of “Consolidation” underscores a deliberate focus on balancing growth with operational efficiency. The company is prioritising expansion in profitable segments, operational and financial excellence, digital transformation, product innovation, and enhanced customer experience.
The post Linkage Assurance delivers 748% profit surge in Q1 despite tough operating environment appeared first on Business Today NG.
Nigerian Insurers Association on Thursday in Lagos organized its 2026 Awards and Special Recognition ceremony at the Insurers House.
Among those celebrated was Yetunde Ilori,former Director General of the Association and current President of Chartered Insurance Institute of Nigeria, (CIIN) who received triple recognition.
The high-profile gathering recognised former Presidents and Council representatives of the association, applauding their enduring impact on the advancement of the NIA and the broader insurance sector in Nigeria.
The post Nigerian Insurers Association Honours Yetunde Ilori, President of CIIN appeared first on Business Today NG.
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