Shareholders Applaud Universal Insurance as Profit Grows by 341%

Ebere Nwoji

Underwriting firm, Universal Insurance Plc, said it achieved outstanding financial performance for the year ended 31st December, 2022, with profit for the year appreciating by 341 per cent from N161,147 million in 2021 to N667,814 million in 2022.

The Chairman of the company, Jasper Nduagwuike disclosed this to shareholders at the 56th Annual General Meeting of the company held in Lagos.

According to him, the company achieved 63 per cent growth in gross premium written from N3.473 billion in 2021 to N5.7 billion in 2022.

He informed the shareholders that there was an outstanding 84 percent increase in total revenue from N2.644 billion in 2021 to N4.868 billion in 2022. 

He further told the shareholders that the company’s strength to take more risks showed in the 84 percent increase in earned premium having moved from N2.403 billion in 2021 to N4.432 billon. 

He said notwithstanding the challenging operating environment, the group achieved a significant 320 percent growth in Profit before tax from N162,234 million in 2021  to N682,177million  in 2022, He said the group’s earning per share was 3.87kobo, during the period under review from the previous earning of  2.36kobo.

Speaking on behalf of the Shareholders, former National Coordinator Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu said, “I am impressed with what I see today, especially when you look at where they were coming from in 2018, you will see that they have done very, very well. We appreciate the board and management of the company. Even the half year 2023 result was impressive and we are optimistic that they will pay dividend at the next AGM.”

Responding to the shareholders’ comments, Nduagwuike said, “With increased profitability, the future of our company, Universal Insurance Plc, shines brighter than ever. We are steadfast in our commitment to delivering sustainable results, undeterred by the challenges that may lie ahead. Our solid financial foundation and strategic approach position us confidently to navigate the dynamic landscape and continue providing value to our customers and stakeholders.”