Gross Premium Income Of Universal Insurance Hits N15.3bn

Universal Insurance Plc has said its gross written premium rose by 64.5 per cent to N15.3 billion in 2024 from N9.3 billion achieved in 2023. This development is evidence that its products are gaining traction and that customers trust its services.

Speaking at the company’s 55th Annual General Meeting (AGM) in Lagos recently, the chairman, Jasper Nduagwuike, said insurance revenue appreciated to N13.8 billion in 2024 as against N8.02 billion reported in the previous year of 2023, representing a 72 per cent increase.

The insurer attributed this to the company’s ability to balance prudent underwriting with innovation and ensure it meets customers’ needs while safeguarding long-term profitability.

Profit before tax, he stressed, rose by 291.26 per cent to N2.01 billion as against N526.716 million in 2023, while insurance service result grew to N2.79 billion from N1.54 billion.  On the company’s balance sheet, he said, total assets expanded from N15.7 billion in 2023 to N20.3 billion in 2024, while Shareholders’ fund went up from N10.4 billion to N13.2 billion in the previous year of 2023.

On the company’s strategic focus for 2025, the managing director, Dr Jeff Duru, said, ‘despite the prevailing challenges, ‘we remain optimistic and prepared to navigate uncertainties.’ He also listed operational efficiency, risk management, and investment strategy as the company’s key areas of focus in 2025.

He explained further, “Our company will streamline processes through automation, digitisation, and lean practices to reduce costs and enhance agility. In 2025, we will strengthen our risk management framework to proactively identify and mitigate risks while safeguarding assets and protecting shareholder value.”

On investment strategy, he said, ‘Implementing a prudent, diversified, and long-term investment approach that balances risk and returns, ensuring both capital preservation and portfolio growth.’