Unitrust Insurance pays out N3.2bn on claims

Underwriting firm, Unitrust Insurance Company Limited has paid out N3.2 billion in claims to its customers that suffered losses in the 2023 financial year.

According to the company this is in line with keeping to its commitment of delivering prompt settlement of claims, as contained in its financial performance for the year ending December 31, 2023.

The company achieved significant milestones across its financial metrics, reinforcing its position as a leading player in the insurance industry.

Following the adoption of the new IFRS 17 standards, the company reported Insurance Revenue of N6.9 billion, resulting in 30 percent increase compared to N5.3 billion recorded in 2022. This growth is attributed to improvement in service delivery, customer, and strategic expansion into new market segments.

Unitrust according to the company successfully navigated the storming macroeconomics environment in 2023 by deploying cost optimization and initiatives to deliver Profit Before Tax of N2.4 billion and Profit After Tax of N1.7 billion from N178 million Profit Before Tax and N185 million Profit After Tax in 2022, showing a remarkable growth of 1,264 percent and 858 percent, respectively. This robust performance is a testament to the operational efficiency and prudent investment strategies.

In 2023, Unitrust embarked on several strategic initiatives aimed at driving growth and enhancing customer experience and ensured commitment to sustainable business practices.

The Company is optimistic about future growth and committed to offering its numerous customers quality service delivery.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.