Shareholders Applauds Universal Insurance Over Profitability

Shareholders of Universal Insurance Plc, on Thursday, applauded the insurer for its strong financial performance in 2021 despite the difficult operating business environment globally.

Speaking on behalf of shareholders, at the insurer’s  52nd Annual General Meeting (AGM) held in Ikeja, Lagos, Chairman emeritus, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, expressed his appreciation to the board and management for growing profit and improving the bottom line at a time when many other insurers recorded lower profit.

He said: “the result we see today is a testimony that things are changing.

“ I praise the courage of the new chairman of the company for encouraging that things must be done properly in the company.

“I have faith in this company especially when you look at the retail earnings. The company has been doing well in that area and needs to encourage them to do more.

“All I need to tell today, is that we have reputable insurance company and we must support them to make sure they meet all regulatory requirements of the recapitalisation.”

Immediate past Publicity Secretary, Independent Shareholders Association of Nigeria( ISAN), Mr. Moses Igbrude, commended the board of management for their performance.

According to him, the company did well despite the difficulties in the business environment.

He however urged the operators and the regulators to come together and educate Nigerians on the need of insurance.

According to him, insurers must do more in deepening micro insurance for financial inclusion, deeper penetration and sustaining the future of the industry.

Earlier, chairman, Universal Insurance Plc, Jasper Osita, told shareholders that Universal’s performance in 2021 is a pointer to the resilience of all stakeholders to its corporate existence in seeing that the expectation is exceeded.

“Your company’s gross  premium written of N3.5billion when compared with the N3.4billion recorded in the corresponding period of 2020.  Our profit after for the year 2021 stood at N151million as against N130.8million  achieved in the previous year of 2020.

“Our profit before tax also appreciated from N140.6 million  to N162.2 million in the year under review,” he pointed out.

The company also showed further resilience by increasing its assets from N11.3billion to N12.3billion in 2021 while shareholders fund rose to N10billion when compared to N9.8billion in 2020.