Nigeria: suspension of Guinea Insurance activities

The National Insurance Commission (NAICOM) has suspended the activities of Guinea Insurance for, inter alia, the delay in the appointment of a new Chief Executive Officer and the non-compliance with certain measures, including the renewal of certain reinsurance treaties.

In Nigeria, Guinea Insurance Plc’s activities were suspended by the National Insurance Commission (NAICOM) in a decision issued on January 29, 2019 by the regulator. Reasons, the delay in the appointment of a new Director General and the non-compliance with certain measures, including the renewal of certain reinsurance treaties, among others.

According to NAICOM, the company will no longer be able to take out new business. However, it is authorized to continue the management of its risk portfolio.

Listed on the Lagos Stock Exchange, Guinea Insurance Plc is a non-life insurance group organized around 4 business lines: accident insurance which represents more than 50% of gross written premiums, fire insurance, insurance automotive and marine and aviation insurance. Its stock market share reached its lowest level in five years (0.23) during the session of January 24, 2019.

In addition, the figures at the end of the third quarter of 2018 show a loss after tax of 134 million euros against a profit of 69 million euros in 2017.

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