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Retail Universal Insurance rallies growth on hybrid products, grosses N4.1bn income in six months

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One of the old generation insurance companies which prides itself on excellent service delivery, Universal Insurance Plc said that its attention to retail business as a growth strategy is impacting positively on its revenue and acceptability.

The company said that its retail products like Keke and Okada Parts policy, Parcel Guard, Shop Insurance policy and other related hybrid retail insurance products have helped in bringing the company closer to consumers.

These revelations came as Universal Insurance said that it has achieved a premium income of N 4.1 billion within the first half of 2022 business year.

The figure, according to the company, is far above what was achieved in the whole of year 2021.

The company’s premium income at the end of 2021 stood at N3.4 billion; while a total of N459 million was paid as claims.

The Company’s report for second half of 2022 showed a profit after tax of N796 million and a total claims paid of N348 million.

Managing Director and Chief Executive Officer Dr. Benedict Ujoatuonu made these disclosures in his remarks inauguration of the new executives of the National Association of Insurance and Pension Correspondents (NAIPCO) which held in Lagos recently.

Dr. Ujaotuonu who was represented by the company’s Secretary and Head of Corporate Communications Department, Chinedu Onyilimba said the performance was made possible as a result of aggressive moves in driving its business development especially by providing special tailor-made products in their retail operations.

“Our aggressive deployment of technology, especially in driving our retail operations as well as our business expansion which led to opening of new branches, enlargement of our marketing units which also led to the engagement of new staff made this possible,” the MD/CEO stated.

He said the company is poised to drive, achieve and surpass its N6.5 billion target set for 2022 despite harsh economic environment.

Dr. Ujaotuonu said the company, as part of its strategy, will continue in its business expansion to meet its target of making its products and services available to its prospective customers across the nation, noting that the firm is expanding its investment and leveraging technology to drive its retail operations.

“We are also expanding our investment in and deploying technology especially in our retain operations, this will help us make our numerous tailor-made products accessible to the populace,” he said.

Dr. Ujaotuonu pledged his company’s commitment to continue to collaborate with NAIPCO to advance the course of insurance and pension industry in Nigeria.
The inauguration was jointly sponsored by Universal Insurance Plc, Anchor Insurance Limited, and Sovereign Trust Insurance Plc.

 

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