• Thursday, March 28, 2024
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Universal Insurance CEO confirms resumed trading on shares

Insurers set to play greater role in agricultural investment, job creation

Ben Ujoatuonu, managing director/ CEO of the Company has confirmed resumed trading on the company shares following lifting of the suspension by the Nigerian Stock Exchange.

Ujoatuonu said follows the Company’s submission of its Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: “The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided the Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.

According to the company, dealing members of the Exchange has been duly notified by the authority that the suspension placed on trading on the shares of Universal Insurance Plc was lifted t Wednesday, 7 August 2019.

He further stated the Company has been able to increase the numbers by growing premium income by over 130 per cent from N700 million in 2017 to over N1.6 billion in 2018.

“We have developed a full-fledged retail unit with requisite qualified personnel to man it and also expanded our marketing unit,” he added.

“Universal Insurance Plc has, over the past five years, sustained its momentum in terms of profitability, cutting edge customer services, innovative products designs tailored to meet special needs of its teeming customers and prompt claims settlement.”

Recently the Company embarked on total restructuring and re-engineering of its operations and developed a full-fledged retail unit with requisite qualified personnel to man it.

To drive its expansion and growth strategies, the company in addition, expanded its marketing team engaging highly qualified hands in both core marketing and retail units. Universal Insurance Plc has also expanded its E-platform.

The Nigerian Stock Exchange (NSE) on August 7th 2019 lifted the suspension placed on the trading of shares of the Universal Insurance Plc. This was announced on the NSE’s website. With this development, trading on the company’s shares has resume on the floor of the stock exchange as the dealing members have been duly informed.

The notification posted on the NSE website stated that: “Universal Insurance Plc, one of the eleven (11) companies that were suspended on 2 July 2019, has now filed its Audited Financial Statements for the year ended 31 December 2018 with The Exchange.

 

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