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Universal Insurance PBT up 292% in FY 2020

Underwriting firm, Universal Insurance Plc, a major player in Nigeria’s insurance sector has grown its profit before tax by 292 percent at the end of the financial year ended 31st December 2020.

Tyony Okocha who stood in for late Joshua Dogonyaro, chairman board of directors of the Company who had passed on earlier in the year announced the performance during its 51st Annual General Meeting held in compliance with Covid-19 protocols.

He said the company’s PBT rose from a loss position of N322,863 million in 2019 to N637,949 million in the year under review.

According to him, the profit after tax also went up from N70,642million in 2019 to N624,647million in 2020, adding that despite a very daunted year, the company was committed to achieving its fair share budget as well as protect the company’s capital prudence.

Pursuing its budget target of N3billion from initial budget of N4billion as a result of COVID-19 challenges, the company achieved a gross written premium of N3, 396billion, about 82 percent increase over N1.870 billion reported in the same financial year of 2019.

Read also: FITC, NAICOM to organise innovation, market growth strategies’ summit for insurance sector

Speaking on its performance in 2021, the managing director informed shareholders that the company received approval from NAICOM to write Agric Insurance and Micro insurance.

He also announced that approval has been received from NAICOM for 8 new products.

These new products according to him are expected to generate huge revenues for the Company

He noted that one of the new products, KEKE PASS has been launched in Abuja and some states while there is an agreement to provide DRIVERS PASS for cab drivers.

He also noted that all the products are fully automated from buying of the products to claims if any.

He added that the company has complied with NAICOM’s set standards on cyber security and has gone further to set up a risk management unit and taken other steps to prevent fraudulent claims.

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