Universal Insurance grows revenue to N8bn

Universal Insurance Plc increased its revenue to N8.02bn in 2023, with gross written premium growing to N9.3bn, higher than the N4.8bn insurance revenue recorded in the same period of 2022.

This was disclosed by the Chairman of the company, Jasper Nduagwuike, at the firm’s 54th Annual General Meeting held in Lagos on Wednesday.

He said the company’s profit for 2023 amounted to N514.67m while total assets rose from N12.3bn in 2022 to N15.7bn in 2023.

Similarly, shareholders’ funds appreciated to N10.4bn from N7bn in 2022.

On the insurance firm’s outlook, Nduagwuike 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 a result of our collective efforts.

“Universal Insurance remains resolute in delivering sustainable results amid the challenges that the future may hold. With a solid financial foundation and a strategic approach, we are confident in navigating this dynamic landscape and continuing to provide value to our customers and stakeholders.

“Despite the challenging times ahead, our company remains dedicated to navigating this turbulent economic landscape and achieving our business objectives. We intend to drastically change our cost structure to establish intermediate and long-term actions to essentially adjust in line with reality, actively engage the company in defining the necessary behaviours to build on cultural strengths, own the actions to shape the future, and be clear about what we must have to succeed in the future regardless of the state of the economy.”

Reporting on his stewardship in the year under review, the Managing Director/Chief Executive Officer of the firm, Dr Benedict Ujoatuonu, noted that the insurance service result (underwriting profit) was N1.54bn, down from N1.56bn primarily due to substantial claims payments during the period and the implementation changes of IFRS 17 standards of reporting.

Profit before tax rose to N526.7m in 2023 compared to a loss of N124.8m in 2022.

On future initiatives, Ujuatuonu said the company would focus on market expansion, digital transformation, and talent development, noting that its success was built on the dedication of its employees, and is committed to their growth and well-being.