Universal Insurance eyes N20bn premium income for 2024 financial year

Business a.m.

Despite facing challenging economic conditions in the country, Universal Insurance Plc has projected a bold and ambitious premium income target of N20 billion for the 2024 financial year.

This optimistic outlook was shared by Ben Ujoatuonu, the managing director of Universal Insurance, during the 2023/2024 annual general meeting of the Nigerian Association of Insurance and Pension Editors (NAIPE) hosted by Universal Insurance in Lagos.

Ujoatuonu pointed out that Universal Insurance Plc is on a positive trajectory, with all key metrics pointing towards sustained growth and success.

The Universal Insurance MD reported that the company’s assets grew from N11 billion in 2022 to N17 billion in 2023, indicating the robustness of its financial position and the effectiveness of its growth strategies.

He also assured that Universal Insurance will continue to build on this momentum, reinforcing its commitment to delivering value and stability for its shareholders and customers.

Ujoatuonu highlighted Universal Insurance Plc numerous achievements and its upward trajectory, demonstrating the company’s commitment to its growth and expansion plans.

He reminded the attendees of his presentation to NAIPE the previous year, during which he outlined the company’s plans and projections for 2023. He was pleased to report that Universal Insurance successfully achieved 98 percent of those goals, including the opening of new branches and increased revenue.

Ujoatuonu acknowledged that while the company’s premium income for 2023 fell slightly short of its target of N10 billion, with a final revenue of N9.3 billion and profit of over 530 million, this figure still represented a significant achievement in the face of the challenging economic conditions.

Highlighting the company’s projections for 2024, he stated: “This year 2024, we started out with very high expectations. We are also looking forward to opening more branches in 2024.

“In 2024, we are projecting to end the year with a premium income of about N20 billion. It may interest you to know that as of today, we are doing about N9.3 billion in premium income. We are very optimistic that we are going to achieve it before the end of 2024.

“Our assets will also increase from N11 billion to about N17.5 billion and our shareholders fund will increase from about N9 billion to N12 billion. So all the indices for us are showing positive signs and we will continue to sustain it.”

Ujoatuonu also spoke on the value that Universal Insurance Plc places on its partnership with NAIPE, acknowledging the significant impact this collaboration has had on the company’s brand visibility and reputation in the market.

He explained that in the past, many people were unsure if Universal Insurance was still in operation, due to the company’s low profile and limited public presence. However, since collaborating with NAIPE, Universal Insurance has been able to raise awareness of its activities and growth, leading to greater recognition and increased interest from potential customers and investors.

“Due to NAIPE’s support, we are getting into partnerships with a lot of groups and in various states and we are very hopeful that they will create the level of value we are looking forward to,” the Universal Insurance MD added.