Universal Insurance’s N8.02bn earning signposts resilience, efficiency

Universal Insurance Plc has proved successful and efficient management as its financial earnings shows outstanding performance in the face of harsh economic challenges in the operating environment.

Speaking at its 54th Annual General Meeting (AGM) the Chairman of the company, Barrister Jasper Osita Nduagwuike, said the company was able to grow its top and bottom lines, with an impressive insurance revenue of N8.02 billion, (gross written premium of N9.3 billion), surpassing the N4.8 billion insurance revenue of N5.7 billion gross written premium) recorded in the corresponding period of 2022.

He said profit for the year 2023 amounted to N514,673 million while total  assets rose from N12.3bn in 2022 to N15.7bn in 2023, this he said made its  shareholders’ fund to grow from N7 billion achieved in 2022 to N10.4billion  in 2023.

On future outlook he 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.

He added that “Universal Insurance remains resolute in delivering.sustainable results amidst the challenges that the future may hold. With a solid financial foundation and a strategic approach, we are confident in our ability to navigate this dynamic landscape and continue providing value to our customers and stakeholders.

” 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 our must have in order to succeed in future regardless of the state of the economy.

Also, the Managing Director/ CEO, Dr. Benedict  Ujoatuonu, noted that the nsurance Service Result (underwriting profit) was N1.537 billion, down from N1.556 billion (Underwriting loss), primarily due to substantial claims payments during the period and the implementation changes of IFRS 17.

Profit before Tax, according to him reached N526.7 million, as against N124.8 million in 2022, which represents 522% growth.

On its future strategic initiatives, he said the company will focus on market expansion, Digital Transformation, Talent Development, while noting that its success is built on the dedication of its employees, and are committed to their development and well-being.