Universal Insurance Announces N3.5bn Premium

By Ebere Nwoji

Universal Insurance Plc has announced gross premium of N3.5 billion against N3.4 billion it made in the previous year.

The company’s Chairman stated this at the 52nd Annual General Meeting of the company held in Lagos.

He described the company’s performance as a pointer to the resilience of all stakeholders to its corporate existence in seeing that the expectation was  exceeded.

“Your company’s gross premium written of N3.5billion when compared with the N3.4billion recorded in the corresponding period of 2020 showed improvement.

Our profit for the year 2021 stood at N151 million as against N130.8 million achieved in the previous year of 2020.

“Our profit before tax also appreciated from N140.6 million to N162.2 million in the year under review,” he pointed out. The company also showed further resilience by increasing its assets from N11.3billion to N12.3billion in 2021 while shareholders’ funds rose to N10 billion when compared to N9.8 billion in 2020.”

Looking into the future, Ostia said, “ Our quest is to become one of the top players in the financial service sector of this economy. Our emergence as a one-stop shop for the array of services we now offer through our retail outfits is in line with this quest.“

He assured that despite the difficult business environment the company is ready and equipped with a dedicated board, management, and staff that are willing and ready to ensure that the fortunes of the company do not dwindle.

Addressing shareholders, the Managing Director/ CEO, Benedict Ujoatuonu, noted that 2022 would be far better than the year under review.

Speaking on behalf of shareholders, the Association’s chairman, Sir Sunny Nwosu, expressed his appreciation to the board and management for growing profit and improving the bottom line at a time when many other insurers recorded a lower profit.

“The financial performance is a testimony that things are changing. I commended the courage of the new chairman of the company for encouraging things to be done properly in the company.