Universal Insurance targets N100bn premium income in push for growth

Cynthia Ezekwe

Universal Insurance Company Limited (UNISURE),has unveiled an ambitious plan to boost its premium income to N100 billion within the next five years, as part of its strategic drive to expand market share and consolidate its position in the Nigerian insurance market.

Ben Ujoatuonu, managing director of Universal Insurance Plc,  stated this at the Annual General Meeting (AGM) of Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, noting that the company has recorded a strong financial trajectory in the last three years.

“If you look at our trajectory in the last three years, Universal insurance has consistently grown her premium income by 55-60 per cent every year. If you take an average of the percentage growth on our premium income considering what we have done so far, in the next five years, universal insurance will be writing N100 billion in premium income. If we project a 50 per cent growth year on year, in five years, we will be writing N100 billion,’’ Ujoatuonu said.

Speaking on the company’s underwriting skills, the MD noted that the company’s experiences in bond insurance have helped to improve their underwriting skills around financial guaranty insurance.

“The challenge in bond underwriting is subjective because it depends on how you understand the risk as it is not a rule of thumb and you learn as you go. We have had some experiences and those experiences have also informed and improved our underwriting skills around that risk so that if you come to our bond unit, there are some bond businesses you will bring, they will look at it on the face of it and will tell you that we will not do this,’’ Ujoatuonu noted.

“ We do thorough analysis and one of the key things about us is that for every transaction you do on bond, you must understand the dynamics of the business, if you don’t understand the dynamics of the transaction, there is no need to go into it at all. If you already understand the dynamics you will be able to know where there will be problems, where defaults may likely come out and it has helped us,’’ the MD added.

Speaking on the legacy he wants to leave behind, Ujoatuonu he said,  “The legacy I want to leave in Universal is that I want to be remembered for having come in, transformed Universal, and built a very strong and virile insurance company that has come to stay.’’