Universal Insurance gross premium rises 0.29% to N3.5bn in 2021
By Onome Amuge
Universal Insurance Plc has reported a 0.29 percent increase in its gross premium which rose to N3.5 billion in the financial year ended December 31, 2021 as against N3.4 billion posted in the corresponding period of 2020.
Jasper Osita, chairman of the non-life insurance company, made the announcement during the company’s 52nd annual general meeting held recently in Lagos, saying the company’s performance in 2021 was a result of the resilience of all stakeholders in its corporate existence in seeing that the expectation was exceeded.
“Your company’s gross premium written was N3.5bn when compared with the N3.4bn recorded in the corresponding period of 2020. Our profit after for the year 2021 stood at N151m as against N130.8m achieved in the previous year of 2020. Our profit before tax also appreciated from N140.6m to N162.2m in the year under review,” Osita told shareholders.
He also noted that the company showed further resilience by increasing its assets from N11.3 billion to N12.3bn in 2021, while shareholders’ funds rose to N10 billion compared to N9.8 billion in 2020.
The chairman also assured that the company was ready and equipped with a dedicated board, management and staff that are willing and ready to ensure that the fortunes of the company does not decline despite the difficult business environment.
“Our emergence as expected e-stop-shop for the array of services which we now offer through our retail outfits is in line with this quest,” he added.
Benedict Ujoatuonu, managing director/chief executive officer, Universal Insurance, expressed optimism that 2022 would be a better financial year than the year under review.
According to Ujoatuonu, the company has, in the half year of 2022, done more than what it did in the whole of 2021 despite the current situation of the country.
“We are hoping very strongly too that the year 2022 will come out better,” he added.
On the insurer’s hotel which is its major subsidiary, the managing director said it is running and already contributing to the revenue of the company.
He explained that what the company did was to remove the old management of the hotel and contract it out to hotel managers under monthly rental.
Sunny Nwosu, former president, Independent Shareholders Association of Nigeria, expressed his appreciation to the board and management for growing profits and improving the bottom-line at a time when many other insurers recorded lower profit.
“The result we see today is a testimony that things are changing. I praise the courage of the new chairman of the company for encouraging that things must be done properly in the company,” Nwosu said.
Moses Igbrude, immediate past publicity secretary, Independent Shareholders Association of Nigeria, commended the management’s performance despite the difficulties in the business environment.
Igbrude also encouraged operators and the regulators in the insurance sector to come together and educate Nigerians on the need for insurance.