Great Nigeria Insurance (GNI) began its underwriting operations in 1960, building a reputation across underwriting, financial advisory, and real estate investments. What started as a long-operating insurance firm became even more distinctive following the 2016 acquisition of Wema Bank’s 75% equity stake in the company by Insurance Resourcery and Consultancy Services Limited, a transition initiated in 2011 and concluded in September 2016.
Great Nigeria Insurance has continuously arranged very adequate reassurance treaties with a consortium of reputable reassurance companies both locally and internationally providing the company with the required capacity to underwrite risks placed with us.
Over the years, GNI has invested strategically in technological infrastructure and human capital to improve underwriting capabilities and claims processing.
The company’s financial performance illustrates a notable turnaround in recent years. In 2020, GNI reported a loss before tax of ₦718 million. However, there was a robust turnaround effort in 2021 with a profit before tax of ₦1.07 billion. Its gross premium written (GPW) in 2021 climbed to ₦8.3 billion, up from ₦7.1 billion in 2020—a 16.9% increase. Also, total assets grew from ₦15.5 billion to ₦20.6 billion, marking a 32.9% rise during that period.
The upward trajectory continued into 2022, when GNI achieved a gross premium written of ₦10.2 billion, a 19.9% increase over the 2021 figure of ₦8.3 billion. Underwriting income rose by 21.6% to ₦9.6 billion, while claims expenses increased to ₦3.3 billion from ₦2.1 billion the previous year. Total assets surged to ₦26.9 billion, up 26.6% from ₦20.6 billion, and shareholders’ funds also grew from ₦6.3 billion to ₦7.3 billion.
These performance milestones underscore GNI’s resilience and operational resurgence. The company’s renewed success has been driven by a recommitment to its core mission and values of professionalism, empathy, innovation, and integrity.
