Universal Insurance Targets N10 billion Premium  in  2023

Universal Insurance Plc, one of the oldest insurance Companies in Nigeria has set a Premium Income target of N10 billion for itself by the end of 2023 financial year.

The company  has also expressed optimism to pay dividend to shareholders at the close of business this year.

Speaking as special Guest  and sponsor  of the 2023 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, the Managing Director/Chief Executive Officer of the Company, Mr. Benedict Ujaotuonu, said the Company was also aiming at  growing the Premium Income further to N18 billion in 2024.

On the performance of the Company he said, “In 2021, we did a Premium Income of about N3.6 billion. Our Premium Income in 2022 was N5.6 billion representing 58 percent growth.

“The Company’s profit after tax for 2022 was  N618 million.”

Ujaotuonu said during the first quarter of 2023, Universal Insurance recorded a total Premium Income of N3.7 billion and a profit after tax of N825 million.

 “In the second quarter of 2023, we have done a Premium Income of N5.1 billion which is almost the total of what we did in the whole of 2022. We are targeting a total of N10 billion Premium Income at the end of this year and with our current performance, we are very optimistic and hopeful, we will meet the target.

“Our target for 2024, of course, will be derived from our performance at the end of 2023 and our Premium Income target for 2024 is N18 billion”, he stated.

He expressed hope that at the end of this year, the company was going to wipe off all negative retained earnings and declare dividends to our shareholders. “We have our eyes on the ball, we are pushing for it, and we are very hopeful we are going to achieve it”, the Universal Insurance boss stated.

According to him,in  Universal Insurance one of the greatest things the management has been able to achieve was  positive projection and acceptability in the market. “I must tell you this has added so much to us. “This achievement, is the accumulation of efforts including your support as journalists in projecting the company to the general public and I want to assure you that we are not in a hurry to sever that partnership. We are going to sustain it and continue to reap the benefit” Ujoatuonu stated..

The Company’s Shareholders fund  he said stands at over N19.8 billion with an asset base of about N12.4 billion and 16 billion fully paid shares and issued share capital of N8 billion.

He said Universal Insurance was  driving its growth in the retail space with pocket-friendly top-on-the-line products, designed to include and satisfy low-income earners as well as artisans in various fields of endeavours.

He said the company was Poised to be a giant in risk-bearing, and  is fully computerised to drive excellence in service delivery, prompt claim settlements, and customer-centricity.