By Kehinde Ibrahim, Lagos
IN spite of the prevailing economic challenges, Great Nigeria Insurance (GNI) Plc has posted a remarkable 254% increase in Net Investment Income, climbing to ₦4.6 billion in 2023 from ₦1.3 billion recorded in 2022.
The Chairman of the company, Mr. Bode Aluko, disclosed this at the firm’s 53rd Annual General Meeting (AGM) held recently in Lagos. He noted that the company also recorded a strong turnaround in profitability, with profit after taxrising from a loss of ₦736 million in 2022 to a profit of ₦2 billion in 2023.
Speaking on the outlook of Nigeria’s insurance sector, Aluko identified four key factors that will shape the industry’s future: regulatory upgrades such as IFRS 17, ongoing economic reforms, technology adoption, and the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to him, “IFRS 17 will change the dynamics of insurance performance reporting going forward. The outcome will be greater transparency and investor confidence. By standardizing how insurers measure and report performance, IFRS 17 should boost investor trust, attract foreign capital, and enable better market comparisons. This will, in turn, expand insurance penetration in Nigeria.”
Also speaking at the event, the Managing Director/Chief Executive Officer of GNI Plc, Mrs. Cecilia Osipitan, attributed the company’s outstanding performance to prudent investment decisions, strong risk management practices, and a renewed focus on customer-centric innovation.
“Our performance in 2023 reflects our resilience and our commitment to delivering value to stakeholders. We remained focused on optimizing investment opportunities, leveraging technology, and improving operational efficiency,” she said.
Osipitan added that GNI Plc will continue to prioritize strategic partnerships, digital transformation, and workforce development to sustain its growth trajectory and strengthen its market position.
Aluko, in his closing remarks, appreciated shareholders for their confidence in the board and management. “Together, we have navigated challenges, embraced reforms, and pursued opportunities that will shape the future of our company and the industry. As we look ahead, I am confident that with our shared vision, collective resilience, and steadfast commitment to excellence, we will achieve even greater heights,” he said.
