• Thursday, April 18, 2024
businessday logo

BusinessDay

Universal Insurance MD says growing risk appetite backed by strong reinsurance

Universal Insurance’s annual profit hits N667.8m

Underwriting firm, Universal Insurance Plc is targeting N10 billion premium by the end of 2023 and N18 billion by 2024, with a growing risk appetite backed by strong reinsurance.

The company, which noted that this growth is a product of a long-term plan, says it will also translate to good returns on investment to its teaming shareholders.

Speaking at the 2023 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editor (NAIPE) in Lagos, Benedict Ujoatuonu, managing director/ CEO said, “In 2021, we did a Premium Income of about N3.6 billion. Our Premium Income in 2022 was N5.6 billion representing 58 percent growth, while profit after tax for 2022 was about N618 million.”

Ujoatuonu said during the first quarter of 2023, Universal Insurance recorded a total Premium Income of N3.7 billion and a profit after tax of N825 million.

“In the second quarter of 2023, we have done a Premium Income of N5.1 billion which is almost the total of what we did in the whole of 2022. We are targeting a total of N10 billion premium income at the end of this year and with our current performance, we are very optimistic and hopeful, we will meet the target.

Read also: Fitch upgrades in sight for Ecobank as naira devaluation risks recede

“Our target for 2024, of course, will be derived from our performance at the end of 2023 and our Premium Income target for 2024 is N18 billion.

“We are hopeful that at the end of this year, we are going to wipe off our negative retained earnings and declare dividends to our shareholders. We have our eyes on the ball, we are pushing for it, and we are very hopeful we are going to achieve it.

“In Universal Insurance Plc, one of the greatest things we have been able to achieve is positive projection and acceptability in the market. I must tell you this has added so much to us,” Ujoatuonu said.

This achievement, according to him, is the accumulation of efforts and I want to assure you that we are not in a hurry to sever the partnerships we have enjoyed. We are going to sustain it and continue to reap the benefit.

The Company’s shareholders fund stands at over N19.8 billion with an asset base of about N12.4 billion and 16 billion fully paid shares and issued share capital of N8 billion.

Universal Insurance is driving its growth in the retail space with pocket-friendly top-on-the-line products, designed to include and satisfy low-income earners as well as artisans in various fields of endeavours.

Poised to be a giant in risk-bearing, Universal Insurance is fully computerized to drive excellence in service delivery, prompt claim settlements, and customer-centricity, the company said.