Underwriting firm, Universal Insurance Plc says it remains resolute in delivering sustainable results amidst challenges that the future may hold.
Jasper Osita Nduagwuike, chairman of the board at the company’s Annual General Meeting held in Lagos said with solid financial foundation and strategic approach, the company is confident in its ability to navigate this dynamic landscape and continue providing value to customers and stakeholders.
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He said the company was able to grow its top and bottom lines, with an impressive insurance revenue of N8.02 billion as against N4.8 billion in 2022.
He said profit for the year 2023 amounted to N514,673 million while total assets rose from N12.3 billion in 2022 to N15.7 billion in 2023, and this he said made its shareholders’ fund to grow from N7 billion achieved in 2022 to N10.4 billion in 2023.
Benedict Ujoatuonu, managing director/CEO, noted that the insurance Service Result (underwriting profit) was N1.537 billion, down from N1.556 billion (Underwriting loss), primarily due to substantial claims payments during the period and the implementation changes of IFRS 17.
He said, “our performance despite the challenging business environment shows impressive result. The company’s financial performance was strong, characterised by robust revenue growth, improved underwriting performance, and prudent investment management, all contributing to enhanced profitability, he said.
Profit Before Tax (PBT), according to him, reached N526.7 million, as against (N124.8) million in 2022, which represents 522 percent growth.
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On its future strategic initiatives, he said the company will focus on market expansion, digital transformation, talent development, while noting that its success is built on the dedication of its employees, and are committed to their development and well-being.
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