Despite the country’s economic instability, an underwriter, Universal Insurance, said its revenue in underwriting businesses has increased to N8.02 billion in 2023.
The insurer also noted that the gross written premium rose to N9.3 billion, higher than the N4.8 billion insurance revenue recorded in the same period of 2022.
Speaking at its 54th yearly general meeting held in Lagos, the Chairman of the company, Jasper Osita Nduagwuike, said profit for the year 2023 amounted to N514 million, while total assets rose from N12.3 billion in 2022 to N15.7 billion in 2023, saying, its shareholders’ fund will grow from N7 billion achieved in 2022 to N10.4 billion in 2023.
On future outlook, he said: “This great achievement confirms the unwavering resilience of all stakeholders and their commitment to our corporate existence, surpassing expectations. Our unbroken streak of profitability in recent times is as a result of our collective efforts.” He added that “Universal Insurance remains resolute in delivering sustainable results amidst the challenges that the future may hold.
“With a solid financial foundation and a strategic approach, we are confident in our ability to navigate this dynamic landscape and continue providing value to our customers and stakeholders.
“Despite the challenging times ahead, the insurer remains dedicated to navigating the turbulent economic landscape and achieving our business objectives.”
Also, the Managing Director/Chief Executive Officer, Dr Benedict Ujoatuonu, noted that the underwriting profit was N1.537 billion, down from N1.556 billion underwriting loss in 2022, primarily due to substantial claims payments during the period and the implementation changes of IFRS 17.
Profit Before Tax (PBT), according to him, reached N526.7 million, as against N124.8 million in 2022, which represents 522 per cent growth.