Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review
Guinea Insurance
On this page
Company details
- Legal name
- Guinea Insurance Plc
- Listing
- GUINEAINS on the Nigerian Exchange, active · ISIN NGGUINEAINS0 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2024 · annual report, signed / final · source
Read with these figures
- Auditor's emphasis of matter. Key audit matters: revenue recognition (completeness of insurance revenue under IFRS 17) and valuation of insurance contract liabilities (N1.42 billion) (PDF pp57-58).
Full wording and sources
Auditor's emphasis of matter
Key audit matters: revenue recognition (completeness of insurance revenue under IFRS 17) and valuation of insurance contract liabilities (N1.42 billion) (PDF pp57-58). They do not modify the opinion.
Source: Guinea Insurance Plc 2024 Annual Report and Audited Accounts (dated 2025-04-17)
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Insurance revenue
NGN 2.84 billion
2,837,251 NGN thousands · p60
+36.6% vs 2023
Insurer (IFRS 17): printed 'Insurance revenue' 2,837,251 (statement of profit or loss and OCI, p60); no revenue line in the commercial sense.
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Insurance service result
NGN 1.05 billion
1,048,596 NGN thousands · p60
+55.7% vs 2023
Printed 'Insurance service result' 1,048,596 (p60), the insurer's technical result; no operating-profit line is printed.
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Net investment income
NGN 1.17 billion
1,170,294 NGN thousands · p60
+109.5% vs 2023
Printed 'Net investment income' 1,170,294 (p60).
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Profit for the year
NGN 937 million
936,553 NGN thousands · p60
+96.0% vs 2023
Printed 'Profit for the year' 936,553 (p60).
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Total assets
NGN 6.95 billion
6,953,004 NGN thousands · p61
+38.7% vs 2023
Printed 'Total assets' 6,953,004 (statement of financial position, p61).
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Total equity
NGN 5.22 billion
5,220,761 NGN thousands · p61
+49.3% vs 2023
Printed 'Total equity' 5,220,761 (p61).
Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2024 — annual report, signed / final; reported for the year · source
- FY2023 — annual report, signed / final; comparative in the FY2024 filing · source
Income statement
| Line (as printed) | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|
| Insurance revenue | 2,837,251 | 2,077,012 |
| Insurance service expenses | (1,761,055) | (1,117,592) |
| Net expenses on reinsurance contracts | (27,600) | (285,738) |
| Insurance service result | 1,048,596 | 673,682 |
| Investment income1 | 325,277 | 201,022 |
| Unrealised foreign exchange gain on fixed deposits2 | 485,554 | 312,967 |
| Net fair value gains on financial assets at FVTPL | 16,830 | 8,410 |
| Fair value gains on investment properties3 | 357,355 | 37,000 |
| Impairment loss on financial assets at amortised cost | (14,722) | (722) |
| Net investment income | 1,170,294 | 558,677 |
| Insurance finance income/(expense) from insurance contracts issued | 1,372 | (6,104) |
| Insurance finance income/(expense) from reinsurance contracts held4 | 1,211 | (359) |
| Net Insurance finance expenses | 2,583 | (6,463) |
| Net Insurance and Investment result | 2,221,473 | 1,225,896 |
| Other operating income | 168,979 | 208,164 |
| Other operating expenses | (1,486,038) | (934,411) |
| Profit before taxation | 904,413 | 499,649 |
| Income tax income/(expense) | 32,140 | (21,879) |
| Profit for the year | 936,553 | 477,770 |
| Item that are or may be reclassified subsequently to profit or loss5 | –6 | –6 |
| Net fair value gain on financial assets at FVTOCI7 | 381,437 | 40,223 |
| Revaluation surplus on land and building net of tax8 | 405,320 | –6 |
| Total other comprehensive income | 786,757 | 40,223 |
| Total comprehensive income for the year, net of tax | 1,723,310 | 517,993 |
| Contingency reserve9 | 187,311 | 95,554 |
- Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
Notes and alternative reported figures (8)
- “Investment income” is an issuer-specific line, not mapped to a shared definition: Note 11: interest and dividend income on financial assets, within net investment income.
- “Unrealised foreign exchange gain on fixed deposits” is an issuer-specific line, not mapped to a shared definition: Note 11.1, within net investment income.
- “Fair value gains on investment properties” is an issuer-specific line, not mapped to a shared definition: Note 13, within net investment income.
- “Insurance finance income/(expense) from reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: Note 13.1, within net insurance finance expenses.
- “Item that are or may be reclassified subsequently to profit or loss” is an issuer-specific line, not mapped to a shared definition: OCI heading row printing dashes in both years.
- “Net fair value gain on financial assets at FVTOCI” is an issuer-specific line, not mapped to a shared definition: Note 21.2: other comprehensive income, not reclassified to profit or loss.
- “Revaluation surplus on land and building net of tax” is an issuer-specific line, not mapped to a shared definition: Note 40: other comprehensive income, not reclassified to profit or loss.
- “Contingency reserve” is an issuer-specific line, not mapped to a shared definition: Note 37: the statutory transfer from accumulated losses to the contingency reserve, printed as a memorandum line below total comprehensive income (the statement of changes in equity shows the same transfer, p62).
Balance sheet
| Line (as printed) | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|
| Cash and cash equivalents | 1,313,551 | 1,025,935 |
| At fair value through profit or loss | 96,001 | 79,171 |
| At fair value through other comprehensive income | 720,723 | 339,286 |
| At amortised cost | 1,837,574 | 1,745,367 |
| Reinsurance contract assets | 613,634 | 365,119 |
| Trade receivables1 | 56,218 | 8,830 |
| Other receivables and prepayments2 | 134,034 | 70,721 |
| Investment properties | 855,000 | 150,000 |
| Intangible assets | 40,867 | 52,953 |
| Property,plant and equipment | 951,747 | 842,065 |
| Statutory deposit3 | 333,654 | 333,654 |
| Total assets | 6,953,004 | 5,013,101 |
| Insurance contract liabilities | 1,416,432 | 1,072,187 |
| Other payables and accruals4 | 196,506 | 292,779 |
| Employee benefit obligations5 | 5,882 | 2,614 |
| Current tax payable | 56,830 | 40,034 |
| Deferred tax liabilities | 56,594 | 108,036 |
| Deposit for shares6 | –7 | –7 |
| Total liabilities | 1,732,243 | 1,515,650 |
| Issued share capital | 3,971,400 | 3,971,400 |
| Share premium | 337,545 | 337,545 |
| Contingency reserve8 | 915,657 | 728,346 |
| Accumulated losses | (1,101,892) | (1,851,134) |
| Fair value through OCI | 627,043 | 245,606 |
| Asset revaluation reserve | 471,008 | 65,688 |
| Total equity | 5,220,761 | 3,497,451 |
| Total liabilities and equity | 6,953,004 | 5,013,101 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
Notes and alternative reported figures (7)
- “Trade receivables” is an issuer-specific line, not mapped to a shared definition: Note 23: premium receivables, printed apart from other receivables and prepayments.
- “Other receivables and prepayments” is an issuer-specific line, not mapped to a shared definition: Note 24.
- “Statutory deposit” is an issuer-specific line, not mapped to a shared definition: Note 28: deposit held with the Central Bank of Nigeria under the Insurance Act.
- “Other payables and accruals” is an issuer-specific line, not mapped to a shared definition: Note 30.
- “Employee benefit obligations” is an issuer-specific line, not mapped to a shared definition: Note 31.
- “Deposit for shares” is an issuer-specific line, not mapped to a shared definition: Note 34: printed with dashes in both years.
- “Contingency reserve” is an issuer-specific line, not mapped to a shared definition: Note 37: statutory contingency reserve under the Insurance Act.
Cash flow
| Line (as printed) | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|
| Reinsurance premium paid1 | (907,900) | (606,860) |
| Amounts received under reinsurance contracts held2 | 425,539 | 156,113 |
| Commission received3 | 207,458 | 155,181 |
| Gross claims paid4 | (747,735) | (388,464) |
| Insurance acquisition cash flows paid5 | (572,239) | (601,798) |
| Premium received6 | 2,741,786 | 2,164,085 |
| Premium deposit7 | 176 | 146,211 |
| Payments to employees8 | (491,063) | (390,851) |
| Other operating cash payments9 | (578,879) | (189,101) |
| Other income received10 | 138,137 | 146,937 |
| Tax paid | (47,542) | (10,812) |
| Net cash inflow from operating activities | 167,738 | 580,641 |
| Purchase of treasury bills11 | (1,677,881) | (232,558) |
| Liquidation of treasury bills12 | 1,745,367 | –13 |
| Utilisation of deposit for investment14 | –13 | 290,000 |
| Purchase of intangible assets | –13 | (53,500) |
| Purchase of property and equipment | (96,071) | (68,322) |
| Proceed from sale of property and equipment | –13 | 15,640 |
| Investment income received15 | 148,463 | 107,036 |
| Net cash inflow from investing activities | 119,878 | 58,296 |
| Net increase in cash and cash equivalents | 287,616 | 638,937 |
| Cash and cash equivalents at 1 January | 1,025,935 | 386,998 |
| Cash and cash equivalents at 31 December | 1,313,551 | 1,025,935 |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (14)
- “Reinsurance premium paid” is an issuer-specific line, not mapped to a shared definition: Note 22.3, operating activities (direct method).
- “Amounts received under reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: Note 22.3, operating activities.
- “Commission received” is an issuer-specific line, not mapped to a shared definition: Note 22.3, operating activities.
- “Gross claims paid” is an issuer-specific line, not mapped to a shared definition: Note 29.4, operating activities.
- “Insurance acquisition cash flows paid” is an issuer-specific line, not mapped to a shared definition: Note 29.4, operating activities.
- “Premium received” is an issuer-specific line, not mapped to a shared definition: Note 29.4, operating activities.
- “Premium deposit” is an issuer-specific line, not mapped to a shared definition: Note 30, operating activities.
- “Payments to employees” is an issuer-specific line, not mapped to a shared definition: Note 46.1, operating activities.
- “Other operating cash payments” is an issuer-specific line, not mapped to a shared definition: Note 46.2, operating activities.
- “Other income received” is an issuer-specific line, not mapped to a shared definition: Note 46.4, operating activities.
- “Purchase of treasury bills” is an issuer-specific line, not mapped to a shared definition: Note 21.4, investing activities.
- “Liquidation of treasury bills” is an issuer-specific line, not mapped to a shared definition: Note 21.4, investing activities.
- “Utilisation of deposit for investment” is an issuer-specific line, not mapped to a shared definition: Note 24, investing activities.
- “Investment income received” is an issuer-specific line, not mapped to a shared definition: Note 46.3, investing activities.
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
No dividend statement or amount collected.
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
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Guinea Insurance Plc 2024 Annual Report and Audited Accounts
Year ended 31 December 2024 · Annual report · signed / final
Audit: BDO Professional Services (Chartered Accountants, Lagos), unmodified opinion · signed
Auditor's sign-off: Olusegun Agbana-Anibaba, FCA (FRC/2013/ICAN/00000003667), for BDO Professional Services
Final status: Independent auditor's report hand-signed by Olusegun Agbana-Anibaba, FCA (FRC/2013/ICAN/00000003667) for BDO Professional Services, Lagos, dated 17 April 2025, with the ICAN seal (PDF p59, page image); the financial statements were authorised for issue and approved by the Board of Directors on 25 March 2025 and hand-signed by Ademola Abidogun (Managing Director/CEO) and Pius Edobor (Executive Director, Finance) (PDF p61, page image).
- Document date
- 17 Apr 2025
- Auditor's report
- 17 Apr 2025
- Board approval
- 25 Mar 2025
- Retrieved by us
- 17 Oct 2026 (not a publication date)
- Used for
- statement columns FY2024, FY2023
- Basis
- company statements · NGN thousands (printed “N'000”)
- A 'Contingency reserve' line (187,311; 2023: 95,554, note 37) is printed below total comprehensive income on the statement of profit or loss as a memorandum of the statutory transfer (p60); recorded as an issuer concept, not part of profit.
- The statement of financial position prints no current/non-current classification and no subtotals other than total assets, total liabilities and total equity (p61); the cash-flow statement (direct method) prints operating and investing sections only, with no financing section (p63).
- Earnings per share is printed in kobo, basic and diluted together (11.79; 2023: 6.02, p60); stored in naira with the printed figure and unit kept.
Technical details
- File
- 139 pages, with a text layer
- SHA-256
4bbe4439989a89a1d4446d0c848a7380d1738ee6606581619453f1337ffd3e6e- Entity as printed
- Guinea Insurance Plc (the Company)
- Issuer copy
- retrieved 2026-10-17T13:54:29Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.