By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Guinea Insurance Plc on Monday said its post tax profit for the third quarter (Q3) ended September 30, 2014 lost 693 percent from 31.545 million naira in Q3 of 2013 to a negative of 187.03 million naira in the review period of 2014.

Also, pretax profit slumped 405.4 percent from 46.39 million naira in the Q3 of 2103 to a negative 141.69 million naira in the same period of 2014.

While gross premium dropped 22.3 percent to 777 million naira from 1.0 billion naira in the same period of 2013; the insurer said in a filing with the Nigerian Stock Exchange (NSE).