Management of Universal Insurance plc says the company is financially strong and able to meet all its obligations. This is even as the company commences full operations in its new corporate head office on Anthony Oke, Gbagada, Lagos.
Ben Ujoatuonu, managing director/CEO of the company, said the underwriting firm with shareholders fund in excess N7 billion and solvency margin of about N5 billion, well above the statutory requirement for its category of business, was well position to deliver value to its teeming customers.
Ujoatuonu said the relocation to its new office was in line with its strategic focus of improved customer service, in an ambiance environment that met modern business office.
“As a corporate and responsible organization, we meet regulatory requirements and expectation of all our stakeholders through good corporate governance and value creation,” Ujoatuonu said, saying the company is committed to deepening penetration of insurance, and has planned four new branches before the end of second quarter of 2017, as well as several new products.
“We are working on new products, which are largely retails and we hope these will create a niche for us when they are pushed into the market,” he said.
According to Ujoatuonu, the firm hopes to have its presence in Aba and Umuahia in the first quarter, while Warri and Kaduna will come up in second quarter. He noted that the firm had made its plans about the Aba and Umuahia known to the National Insurance Commission (NAICOM), stressing that the firm was presently awaiting the nod of the regulator to kick-start the branches.
Speaking on the firm’s 2015 and 2016 accounts, he said: “We have submitted our 2015 financial account to NAICOM since last year, but was delayed because we needed to get tittles of all the assets and properties in our books.’’
Audit work is ongoing for the 2016 account, he said, assuring that the account will be submitted to the commission on time.
The firm is ready for the proposed capital verification exercise in the industry, the Universal Insurance boss said, adding that as parts of move to align with the forthcoming Risk-Based Supervision (RBS), the firm recently had an internal seminar to prepare its workers.
Modestus Anesoronye
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