Universal Insurance’s annual profit hits N667.8m

Universal Insurance Plc has reported a profit before tax of N667.8 million in 2022, an increase of 341 percent from N161.1 million in 2021.

Speaking at the company’s 56th Annual General Meeting in Lagos, Jasper Uduagwuike, its chairman, said the increased profitability “shows the company’s future is brighter”.

“We are steadfast in our commitment to delivering sustainable results, undeterred by the challenges that may lie ahead. Our solid financial foundation and strategic approach position us confidently to navigate the dynamic landscape and continue providing value to our customers and stakeholders,” he said.

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He said the company had a 63 percent growth in gross premium written of N5.7 billion compared to N3.47 billion in 2021. Shareholders had an 84 percent increase in total revenue to N4.87 billion up from N2.6 billion.

“The company’s strength to take more risks showed in the 84 percent increase in earned premium moving up from N2.40 billion to N4.43 billion,” Uduagwuike added.

The company said it achieved a 320 percent growth in profit before tax to N682.2 million as against N162.2 million.

The shareholders’ fund rose marginally by seven percent amounting to N9.7 billion compared to the previous year as well as total assets which appreciated to N12.4 billion at the end of the period under review.

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For prompt claims payment, the insurer paid a total of N 1.2 billion to its policyholders during the year under review.

Shareholders during the meeting applauded the management and staff of the company led by Benedict Ujoatuonu, for delivering unprecedented financials.