The Gambia National Insurance Company (GNIC) Limited has registered remarkable achievement in the past years, as the insurance company continues to significantly grow in the amount of written premium income from D8.2M in 2015 to D40M in 2021.
Baboucarr Jarju made this disclosure at GNIC shareholders Annual General Meeting (AGM) held in a local hotel recently.
GNIC is the first locally incorporated insurance company in The Gambia. Established in 1974, the insurance company was privatised in 1991 with a total of 1,000,100 of D1.00.
“Under the new management of GNIC, the company continues to grow in the amount of written premium income from D8.2 million in 2015 to D40 million in 2021 reflecting an increase of 387.81% which is a remarkable success of the company.”
MD Jarju reminded that in the same period (2015-2021) the company was able to clear liabilities or obligations to the tune of D28, 973, 304. 02.
“Overall, the management of the company was able to transform GNIC from a loss-making company in 2016 to a profitable and solvent company in the subsequent years.”
The insurance company, he added, has now been repositioned among the top insurance companies in the Insurance Industry.
Also, MD Jarju further outlined that in 2017, GNIC made a profit of D3, 097,893.99, while in 2018 it made D1, 680, 585. 46.
“In 2019 the company made D1, 271, 320.34, while in 2020 it further made a profit of D13, 625, 321. 47 and last year GNIC made another profit of D9, 008, 701.64.”
Moving forward, Jarju informed that the company’s total financial investments also has increased from D13,213, 447.82 in 2017 to D30, 813, 271. 65 in 2021 reflecting an increase of 133.2%
“The statement of Financial Position has also grown significantly as the net asset position was raised from D14, 254, 337 in 2017 to D39, 917, 281.29 in 2021 which shows an increase of 180%.” Jarju revealed.
He said GNIC creditors account also reduced by 79.60%, noting the company has paid off most of its major liabilities inherited from previous managements in 2015 while expressing optimism of GNIC’s prospects under its strong and dedicated management.
He revealed that GNIC is now in a position to start planning how to pay dividend to shareholders who have waited for long.
Alhagie Ma Samba Jobe, chairman for GNIC new board commended the Central Bank of The Gambia (CBG) for coming up with the first “No Payment No Premium Cover Policy”.
That, he said has helped insurance companies greatly in their various business deals.
“The company has performed greatly in the increase of the Net Asset. It has increased from D11.156 million in 2016 to D30.910 million and D39.918 million in 2020 and 2021 respectively representing an increase of 177% and 257.8% for 2020 and 2021 respectively,” he noted.
He said GNIC directors have now decided to write-off certain debts concerning past brokers or agents and staff of GNIC to the tune of D459, 101 and D89, 641 respectively who have either passed-away or are no longer within the jurisdiction of the Gambia.