SUNU Assurances Pays N2.08bn Claims, Posts N2.5bn Profit

Ebere Nwoji

SUNU AssurancesPlc  said it paid a total of  N2.08 billion claims to its policy holders in the 2023 financial year, representing 41.5 per cent increase from N1.47 billion paid  in 2022.

The underwriting firm also excited shareholders with a remarkable growth as they approved 5 kobo dividends per share of 50k ordinary share.

Speaking at the 37th Annual General Meeting (AGM) of the company, the Chairman, Mr. Kyari Abba Bukar, stated that increased business proportion on renewals, favourable impact of premium rates on fire and motor businesses were the major contributors to the increase in revenue.

He said: “We were able to reach another milestone of premium generation, the highest since inception of the company with a Gross Written Premium of N8.16 billion in the year under review from N5.77 billion in 2022. Claims paid increased from N1.47 billion in 2022 to N2.08 billion in 2023 by 41.5 per cent which represented 87.1 per cent of the paid claims budget for the year.”

The Managing Director/CEO, SUNU Assurances, Mr. Samuel Ogbodu, on his part said the company’s 2023 result has been considered very impressive.

He also said they are projecting to recapitalise the company above N25 billion or whatever amount the regulator, the National Insurance Commission (NACOM) requires.

“Basically, we are working on having over N50 billion in the next five years. And when a company recapitalises  up to this amount, the management is expected to sweat out the capital heavily by two or three times. So, we are looking beyond N25billion value. We are looking at N50billion in the next five years.

“We have had good investments that have yielded positive returns, and this has enabled us to pay our claims. We believe we are in the business to pay genuine claims and this we will continue to do more. Any company that does not pay claims will not survive so our first strategy in penetrating the market is prompt claims payment. We even pay borderline claims just to make our customers happy and retain them”, he noted.