Policyholders of Unitrust Insurance Company Limited got a sum of N1.08 billion claims on risks suffered on insurance policies they bought in the 2020 financial year.
The company said, the amount paid as compensation shows the priority placed on settling of genuine insurance claims, as and when due, promising that, the insurer will not ignore this crucial part of its business.
Speaking on this development, the managing director/chief executive officer, Mr John Ijerheime, noted that the firm closed 2020 financial year with a gross premium written (GPW) of N3.98 billion, representing a year-on-year growth rate of 13 per cent during the corresponding period of 2019.
He maintained that the firm’s profit after tax (PAT) for the year stood at N747.172 million even as the company’s underwriting profit improved significantly with N802.1million achieved as against N301.7 million reported in 2019 financial year.
Ijerheime reiterated that against the backdrop of challenges that characterised the year, the company delivered an outstanding performance across key metrics.
“Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies. Yet, in the face of prevailing circumstances the Company delivered impressive results during the year,” he added.
He noted that the company’s business growth model is driven by structural analysis of its strengths, weaknesses, opportunity, and Threats (SWOT) for responsive branding , irrespective of the challenging situations, stressing that the company had by the result, demonstrated its robust capacity and sustainable execution of its strategic growth plans.
While speaking on the 35 years anniversary of the company, he said, Unitrust is a service-oriented company desirous of an intimate relationship with its customers by understanding the risk exposure inherent in their businesses and proffering solutions.
“Our approach is simple and does not Premise itself on any assumption, we operate in line with the core business ideals and values thereby satisfying our numerous customers. Unitrust prides itself on operational excellence which can be directly attributed to our highly competent work force,” he said.