• Monday, June 17, 2024
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UnityKapital Assurance records 19 percent premium increase


UnityKapital Assurance Plc has declared an increase of 19.09 premium increase for 2014 and 2015. A breakdown of the accounts reports show 4.49% in gross premium income to N3,032,045,000 billion for 2014 as against N2,901,845,000 Billion the preceding year, as well as a 14.6% increase in Net Premium Income of  N2,509,209,000 billion from N2,188,619,000 billion the previous year. A profit After Tax of N141.477 million was recorded in 2014.

 The company also recorded a gross premium income of N2.651 billion and a Net Premium Income of N2,095,941 Billion. A Profit After Tax of N340.503 Million in 2015.

 Speaking on Wednesday in Abuja at the 2014/2015 at its 39th Annual General Meeting (AGM), Michael Dogo, managing director and CEO of the company explained that, despite the tough business operating environment, UnityKapital Assurance Plc held strong by defying challenging national and economic circumstances with strategic actions to deliver value to all its stakeholders.

He said in line with the realities of the operating environment, the company had to strategically cut down on its expenses to be able to grow premium and declare profit to meet the expectations of shareholders.

“While the premium income for 2015 seems to be lower than the previous year, due to challenging national and economic circumstances, however, UnityKapital has repositioned itself to make mark on the Nigerian insurance industry”.  

He elaborated further: “To expand on its retail market share, UnityKapital recently launched its free Insurance Mobile App on the Android and IOS operating systems. The App is a self-service insurance product that allows existing and prospective customers to purchase and manage their insurance policies from their smart phones at the comfort of their various locations”.

According to jim, in the following months subscribers to the App will be given the opportunity to download software updates free, that will enable them get quotations for comprehensive motor polices, and purchase fire and personal accident insurance policies.