SUNU Assurance in strong recapitalisation push, raises shareholders’ funds to N6.61bn  

By Zainab Iwayemi

SUNU Assurance Nigeria Plc says it has raised its shareholders’ funds to N6.61 billion in 2020 from N3.47 billion in 2019, in preparation for the first phase of regulatory required recapitalisation scheduled for 31st December 2020.

Samuel Ogbodu, managing director and chief executive officer, said the 90 per increase in the shareholder’s fund represents a growth after share reconstruction and capital injection of N3.01billion.

Ogbodu also disclosed that despite all hurdles, the firm has continually grown market shares, noting that this was due to restructuring initiatives and strategic business transformation carried out in recent quarters to mitigate the effect of economic challenges.

He, however, projected that the year 2020 financial period would witness a premium production of at least N3.15 billion, which represents a 40 per cent increase in the N2.24 billion recorded in the same period of 2019.

Similarly, the CEO projected a rise in claim payout of N1.29 billion at the close of the year 2020 with an underwriting profit rise to N1.22 billion in 2020 from N781 million in 2019, which represents a 56.2 per cent growth brought about by improved technical efficiency in business operations.

“We have continued to focus on our strategic strengths, centered on our technologically differentiated service delivery and operations.

“We are also introducing initiatives that will delight our customers, which are geared towards being a customer-centric company with firm aspirations of achieving sustained and orderly growth in the coming years,” he said

Ogbodu reinforced the company’s commitment to a growth phase through its strategic objectives and core values serving as a guide, whilst also disclosing that the firm would inject N3.5 billion into the company by March 2021.