Universal Insurance rakes in N8.02bn revenue in FY2023

Cynthia Ezekwe

Universal Insurance Plc, a non-life insurance provider in Nigeria, has reported a remarkable performance in 2023, with its revenue soaring to N8.02 billion.

Speaking at the company’s 54th annual general meeting, chairman Jasper Osita Nduagwuike noted the significant growth in Universal Insurance’s top and bottom lines, with a gross written premium of N9.3 billion, representing a substantial increase from the N5.7 billion recorded in 2022.

Nduagwuike further revealed that Universal Insurance’s total assets appreciated to N15.7 billion in 2023, representing a significant increase from N12.3 billion recorded in 2022. Moreover, the company’s shareholders’ funds also increased to N10.4 billion in 2023, from the N7 billion recorded in the previous year.

The company chairman also reported that Universal Insurance recorded a profit of N514,673 million in 2023, while total assets increased from N12.3 billion in 2022 to N15.7 billion in 2023. This led to a significant growth in the company’s shareholders’ fund, from N7 billion in 2022 to N10.4 billion in 2023.

Nduagwuike underscored Universal Insurance’s unrelenting dedication to value creation for its customers and shareholders, emphasising the company’s robust financial position and strategic approach that enables it to manoeuvre the ever-changing business landscape in Nigeria.

Commenting on the company’s performance and projections in the months ahead, Nduagwuike said:

“This great achievement gives confirmation to the unwavering resilience of all stakeholders and their commitment to our corporate existence, surpassing expectations. Our unbroken streak of profitability in recent times is as a result of our collective efforts.

“Despite the challenging times ahead, our company remains dedicated to navigating this turbulent economic landscape and achieving our business objectives. We intend to drastically change our cost structure to establish intermediate and long-term actions to essentially adjust in line with reality, actively engage the company in defining the necessary behaviours to build on cultural strengths, own the actions to shape the future, and be clear about what we must have in order to succeed in the future regardless of the state of the economy.’’

In line with the chairman’s remarks, Benedict Ujoatuonu, Universal Insurance’s managing director and CEO, highlighted the company’s key strategic focus areas for sustainable growth.

Ujoatuonu stated that the company will focus on market expansion, digital transformation, and talent development to drive sustainable growth and deliver long-term value for its stakeholders.