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Guinea Insurance Plc said it paid N161.5m claims to its customers in the 2017 financial period.

The Chairman of the company, Godson Ugochukwu, said this during its 60th annual general meeting in Benin City.

He also said the company planned to celebrate its 60th anniversary.

“Claims paid by Guinea Insurance on various classes of insurance decreased by 47 per cent from N304.9m in 2016 to N161.5m in 2017, due to operational efficiency in terms of people, processes, technology and communications,” he said.

During the meeting, three directors namely: Alhaji Hassan Dantata, Mr Osita Chidoka, and Mr Chukwuemeka Uzoukwu, were unanimously re-elected by shareholders.

The chairman also revealed that its gross premium income increased by 11.7 per cent from N913.4m in 2016 to N1.02bbn in 2017, while net premium income also grew by 15 per cent from N649.5m in 2016 to N747.1m in 2017.

Underwriting profit grew by 11 per cent from N453.4m in 2016 to N501.1m in 2017, he added.

In spite of the economic headwinds during the period under review, he said its investment income recorded a marginal decline of three per cent from N215.5m in 2016 to N208.3m in 2017.

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