Unitrust Insurance successful rights issue pushes paid-up capital to N6.4bn

General underwriter, Unitrust Insurance Company Limited said after a successful rights issue which brought into the company N 1.45 billion, the firm’s total paid-up capital has risen to N6.4 billion. This underscores advancement in the Company’s recapitalization project as directed by the National Insurance Commission (NAICOM).

This was disclosed during the Company’s Annual General Meeting held recently, where the board announced a gross written premium of N3.53 billion for 2019 financial year as against N3.168 billion in 2018.

Underwriting Profit also increased to N301.735 million from N220.25 million in 2018, while Investment Income increased to N1.262 billion from N1.148 billion in 2018.

The Company recorded a profit after tax of N801.35 million in 2019 as against N 757.35 million in the previous year.“The shareholders’ fund increased to N11.933 billion in 2019 from N11.323 billion”

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“Our business model will be driven by structural analysis of our strengths, weaknesses, opportunity, and Threats (SWOT) for responsive bonding irrespective of the challenging situations we will experience”, John Ijerheime, managing director of the Company said.

He also added that” the company has successfully raised N1.45 billion through right issue and have over N 6.4 billion qualifying Capital as required by NAICOM for the ongoing recapitalization process in the industry.

The Insurer also disclosed that within the month of April and June 2020 it has paid N 240.63 million as claims to its clients on various insurance policies for Second Quarter 2020 in fulfilment of its avowed commitment to prompt claims settlements.

Unitrust Insurance Company Limited is one of the leading general insurers in Nigeria with a track record of serving their clients that dates back over 34 years. Founded in 1981 whilst commencing service in 1986, the organization celebrated its 34th year of committed service within the insurance industry on August 13th, 2020.

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.