Great Nigeria Insurance Plc (GNI) has returned to profitability, recording a N2 billion profit after tax for the financial year ended 2023 – an impressive turnaround from a N736 million loss in 2022.
The announcement was made at the company’s 53rd Annual General Meeting (AGM) held in Lagos, where shareholders commended management for steering the firm through a turbulent economic environment to deliver solid results.
Bade Aluko, Chairman of GNI, highlighted that the performance was driven by exceptional investment income and sector-wide resilience, despite persistent economic headwinds.
“Our organisation gallantly thrived through the avalanche of economic woes that swept businesses globally and locally… but, as has been reflected in our books, we have emerged profitable regardless,” Aluko stated.
During the year, the firm transitioned to the International Financial Reporting Standard (IFRS) 17, reflecting a move towards enhanced financial transparency. Under this framework, insurance revenue stood at N2.5 billion, slightly down by 3.8% from N2.6 billion in 2022, while insurance service expenses rose to N2 billion, up from N1.5 billion.
A major highlight of GNI’s performance was its net investment income, which surged by 254% to N4.6 billion, compared to N1.3 billion the previous year. This income was pivotal in driving profitability, compensating for the slight decline in revenue. READ the performance of other companies: https://stakebridgeirpr.com/media/2025/10/22/transcorp-hotels-posts-n10-1bn-profit-in-q3-2025/
Looking ahead, Aluko identified four key forces shaping the future of Nigeria’s insurance industry—regulatory upgrades (like IFRS 17), economic reforms, technological advancement, and the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to him, IFRS 17 would enhance investor confidence and comparability, while NIIRA 2025 introduces structural reforms to “boost trust, guarantee the financial safety of the insured, and strengthen insurers against insolvency.”
He, however, cautioned that “significant headwinds” remain in the broader economy that could temper growth if not properly addressed.
Reaffirming GNI’s commitment to sustained performance, Aluko said: “We have maintained a rare display of courage and resilience thus far, and we will continue to give it all it takes to ensure we keep thriving in all our business expressions.”
In a related development, Insurance Resourcery and Consultancy Services Limited is set to undertake a mandatory takeover of 500 million ordinary shares in GNI at N1.30 per share, under the Investments and Securities Act 2025, signaling continued investor interest in the insurer’s growth trajectory.
GNI’s return to profitability reflects the growing momentum in Nigeria’s insurance sector—anchored on transparency, technology, and reform-driven confidence.
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