Guinea Insurance Plc Gives Optimistic Q3 Earnings Forecast In spite Of COVID-19

Guinea Insurance Plc inspite the the coronavirus pandemic remain optimistic, having projected a 78.6 per cent rise in gross premium written to N1.8 billion in the third quarter of 2020, up from N1 billion during the comparable period in 2019.

The insurer also forecasted a profit after tax of N185.8 million for the period, indicating an expected better performance compared to N735 million loss recorded in Q3 2019.

The earnings forecast, which was sent to the Nigerian Stock Exchange earlier on Thursday also estimated that reinsurance expense for third quarter will be at N337.5 million.

Claims expenses, underwriting expenses, and other operating experiences were equally put at N331.3 million, N292.6 million, and N692.2 million, respectively.

This forecast coming amid the negative economic impacts wrought by the Coronavirus pandemic shows the management’s capacity.

While any companies have had to downgrade their 2020 earnings and profitability forecasts, Guinea Insurance is expecting growth and analysts have commended the management of the organisation.

In Q1 2020, Guinea Insurance Plc reported gross premium written OF N207 million and a profit after tax of N12.6 million.

The company’s consolidated half-year 2020 financial has not been released and is expected sometime between this month and next month.