Who we are

Who we are

Guaranty Trust Assurance plc is registered by NAICOM as a composite company underwriting all classes of insurance and risk management business while also offering financial advisory, investment and consultancy services.

Guaranty Trust Assurance plc was borne out of the desire to create an insurance company capable of providing world-class risk management solutions to discerning consumers in Nigeria and beyond.

One of the most profitable companies in the Nigerian insurance industry, GTAssur is the only insurance company in Nigeria with Aa- Risk rating, awarded it by the nation’s premier rating agency, Agusto & Co.

Business Definition

Business Definition

Our business is categorized under three broad headings:

• Risk Management Services
• Investment Management and
• Financial Advisory.

Strategic Partners

Strategic Partners

African Re-insurance Corporation - Lead Reinsurer

• African Re is the lead provider of reinsurance cover for GTAssur plc.
• The firm is rated A- and BBB+ by A.M. Best and Standard & Poor's respectively.

Munich Re-insurance Corporation

• Munich Re (Mauritius) is a co-reinsurer on the GTAssur treaty.
• Its parent company is the biggest re-insurance company in the World.

GIC Re (General Insurance Corporation of India)

• This co-reinsurer on the GTAssur treaty was incorporated in 1972.
• Holds the leadership re-insurer position in India.
• The firm is rated A- and AAA by A.M. Best and Standard & Care respectively.

Oracle Med - South African Health Insurance Provider

• GTAssur is the sole franchisee of this company in Nigeria. By virtue of our appointment, we now provide an International Health Plan with air ambulance services which is operable across the World.

Mapfre (Special Risk and Travel insurance)

• Mapfre Asistencia is an affiliated company of Mapfre Group based in Madrid, Spain which operates in 58 countries. It is the GTAssur underwriter for Travel Insurance.
• Mapfre Asistencia has ratings of A+ and A1 by A.M. Best and Moody respectively. In addition it has international quality certification ISO 9001 award.

Operational Structure

Operational Structure

The company is strategically structured thereby ensuring that it can deliver optimal value and service to its stakeholders.

The divisions within the company are as follows:

RETAIL BUSINESS DIVISION - comprised of the Bancassurance Group, Agency Sales Group and HNI & Other Channels Group.

INSTITUTIONAL BUSINESS DIVISION - this division is comprised of the Corporate Business Group, Energy Group and the Public Sector Group.

TECHNICAL DIVISION - responsible for the General & Special Risks insurance underwriting, Life Assurance underwriting as well as Health & Travel Services operations.

OPERATIONS DIVISION - handles Retail Processing operations, Information Technology and Settlement Operational activities.

FINANCIAL CONTROL & CORPORATE SERVICES DIVISION - this division is made up of the business support teams such as Financial Control unit, Corporate Services unit and the Strategy and Investors Relations unit.

SYSCON GROUP - this group is responsible for ensuring that the company's systems, processes and business activities are in conformity with established policies, manuals, corporate governance codes and ethics.

MARKETING GROUP - this group is primarily engaged with the marketing and corporate communication activities of the company.

INVESTMENT GROUP - the investment group consists of the real estate, research, fixed income and equity investment desks.

Our Service Propositions

Our Service Propositions

Our service proposition is to create an intimate relationship with our customers putting us in a position to recognize their requirements and priorities. Our approach is simple and does not premise itself on any assumptions. Rather, we shall in line with the core ideals and values of the group to which we belong, treat our customers to the utmost in customer service at all times, seeking to understand their business and objectives, such that we are able to meet and anticipate their needs.

At Guaranty Trust Assurance plc, we shall test every activity we engage in to ensure that we remain true to our core values - Integrity and Ethics.

We remain committed to the building and sustenance of a mutually beneficial relationship with our customers thereby ensuring that their interests are not compromised in any way.

Our Culture

Our Culture

Our culture is the combination of our values and norms.  Our Values are the guiding light that governs our conduct internally and with all external stakeholders.  They guide us on the rights and wrongs and on those things important to the Company.  On the other hand, our Norms are expectations about attitudes and behaviours that are socially acceptable in the Company.  In other words, they are generally accepted standards of social behaviour in the GTAssur environment.

We would like to welcome you to a team of handpicked individuals with a passion for what they do. At Guaranty Trust Assurance, we seek to create a friendly and welcoming environment that nurtures team spirit and excellence in the individual.

We are constantly evolving and require people who are ready and willing to embrace change.

Our Values

Our Values

Our values are the foundation of our organization. They serve as our guide, inspiring our actions and our decisions. These values reflect our way of doing and thinking, for the benefit of our customers, shareholders, employees, business partners and in any community we operate in. The following core values drive everything we do at Guaranty Trust Assurance plc

Integrity: To do the right thing at the right time, every time.

Responsibility: To our customers, to our society, and to ourselves

Innovation: Constantly re-defining ourselves to create the best service.

Customer Focus: Always providing the best value for our customers by understanding their world, their needs and their wants.

Excellence: Superior performance, aiming for the highest quality

Our Strengths

Our Strengths

• A balanced portfolio of insurance and financial service businesses geographically and by line of business.
• Highly experienced insurance professionals.
• Capacity and flexibility.
• Underlying financial strength and stability.

Technology

Technology

Advanced Insurance Management Suite (AIMS)

AIMS is an enterprise, cutting-edge Insurance application based on Oracle 11g internet & mobile technologies. It integrates all the classes of our insurance businesses, from life underwriting, general business underwriting, health and annuity, claims, customers' relationship management to Finance.

The technology solution provided by AIMS suite includes the CRM (Customer Relationship Module) called e-Insurance with a value adding service of Interactive Voice Response system. AIMS has a web interface which gives our customers access to their statements and enable them to carry out their transactions from the comfort of their homes and offices through the internet. These facilities allow for more efficient documentation, instant online quotes, online payment and fast claims processing. We intend launching these modules in the near future.

Products & Services

Products & Services

As a composite company, we underwrite both Life and General classes of insurance. We provide cover for both retail and corporate insurance risks as hereunder listed:

Corporate Insurance - Marine, Construction All-Risks, Operators Extra Expense, Plant All-Risks, Aviation Refueling Liability, Onshore & Offshore Property Damage, Workmen's Compensation, Group Life, Group Personal Accident, Motor, Fire & Burglary, Consequential Loss, Marine Hull, Public Liability, Product Recall etc

Retail Insurance - Life, Education, Health, Home, Motor, Investment Linked Life Products and Annuity.

In addition to this, we also offer an alternate risk management mechanism for large motor fleets. The Risk Retention Fund allows a corporate body to retain all or a part of the risk exposure on its motor fleet with the possibility of making long term savings on premium expenditure whilst also creating an interest yielding asset.

Our Financials

Our Financials

Guaranty Trust Assurance plc has witnessed tremendous growth since its recapitalization in 2002. At GTAssur, we have been in the forefront of the changing times by retooling and reinventing ourselves to align more with our customers and to better meet their goals and aspirations. This has reflected greatly in our financial performance in the last five years both on our income lines and our balance sheet size.

From 2004, GTAssur's Premium income grew from N136 million to N 5.377 billion, a Compounded Annual Growth Rate (CAGR) of 85%, whilst claims payment increased from N16.4 million to over N947million in 2009. This represents CAGR of 97% in the past 6 years.

The company closed the 2009 financial year with a turnover of N5.377 billion up from N4.14 billion the previous year. This represents a growth rate of 29.8%. Total Asset and Shareholders' Funds stood at N17.171 billion and N12.625 billion respectively as at December 31, 2009 up from N 16.707 billion and N 12.526 billion from the previous year.

This represents growth rates of 2.8% and 0.8% respectively.