Q1:Universal Insurance Announces N4.1bn Premium 

Universal Insurance Plc, has announced total premium of N 4.1 billion during the first half of 2022 which ended 30th June 2022.

The figure, according to the company, is far above what was achieved in the whole of year 2021. Premium income at the end of 2021 rose to N3.4 billion, while a total sum of N459 million was paid as claims.

The company’s Managing Director and Chief Executive officer Dr. Benedict Ujoatuonu, disclosed this at the inauguration of the new executive members of National Association of Insurance and Pension correspondents (NAIPCO) recently in Lagos.

Ujaotuonu, who was represented at the occasion by the Company’s Secretary and Head of Corporate Communications Department, Chinedu Onyilimba, said second half of 2022 showed a profit after tax of N796 million and a total claims paid of N348 million.

He 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,” he stated.

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

Ujaotuonu said the company, as part of its strategy, would 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 was expanding its investment and leveraging technology to drive its retail operations.

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