GNI records N2bn profit after tax, boosts investment income by 254%
L-r: Yinusa Abdulrahman, Director, Great Nigeria Insurance (GNI) Plc; Olajumoke Bakare, Company Secretary; Bade Aluko, Chairman; Osipitan Cecilia Olapeju, Group Managing Director/CEO; Archbishop Alaba Job, Director, and Roslyne Ulaeto, Managing Director, Technical Operations; during the 53rd annual general meeting of Great Nigeria Insurance Plc in Lagos on Tuesday. (14th October 2025)
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Great Nigeria Insurance Plc (GNI) has posted an impressive financial performance for the year ended December 31, 2023, recording a ₦2 billion profit after tax and a 254% increase in net investment income, despite prevailing economic headwinds.
Presenting the company’s 2023 Annual Report and Accounts at its Annual General Meeting in Lagos, the Chairman, Mr. Bade Aluko, said the results reflected the company’s resilience and strategic management amid both global and domestic challenges.
According to him, GNI’s net investment income surged from ₦1.3 billion in 2022 to ₦4.6 billion in 2023, while profit after tax jumped from a loss of ₦736 million in 2022 to a profit of ₦2 billion in 2023.
“Our organization gallantly thrived through the avalanche of economic woes that swept businesses globally and locally since the pandemic and the Russia-Ukraine war. Despite these challenges, we have emerged profitable, as reflected in our books,” Aluko stated.
He added that while insurance revenue declined slightly by 3.8%, from ₦2.6 billion in 2022 to ₦2.5 billion in 2023, insurance service expenses rose by 33%, from ₦1.5 billion to ₦2 billion, reflecting the impact of inflation and operational expansion.
Aluko further explained that the 2023 financials were prepared under the new International Financial Reporting Standard (IFRS) 17, which replaced IFRS 4 effective January 2023, in compliance with regulatory requirements.
He reaffirmed the company’s commitment to sustaining its growth trajectory, saying, “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.”
