The underwriting profit of Sunu Assurances Nigeria Plc grew by 38 per cent from N1.189 billion in 2019 to N1.636 billion in 2020.
This, the firm said, was due to 34 per cent increase in total underwriting income from N2.429 billion in 2019 to N3.246 billion in 2020.
The group operating expenses for 2020 totalled N1.846 billion, which indicated a 3.5 per cent decrease when compared to 2019 figure of N1.913 billion. This decrease was as a result of the group’s deliberate strategy to improve its operational efficiency using information technology.
The company posted profit before taxation (PBT) of N313.41 million during the year under review, compared to a loss before taxation of N188 million in 2019, despite the effects of COVID -19 pandemic.
The group also recorded a growth in its gross written premium (GWP) from N3.06 billion in 2019 to N4.20 billion in 2020.
This represented growth of N1.14billion in value and 37.5 per cent in percentage terms and the growth was due to the group’s strategic decisions on revenue generation.
The net claims incurred for the group increased by 14 per cent from N658 million in 2019 to N752 million in 2020.
The chairman of the company, Kyari Abba Bukar, while presenting the results to shareholders at its 34th annual general meeting (AGM) in Lagos, said he was excited that the group had returned to profitability during the year under review.
He disclosed that the company has proceeded with its plan to raise capital, noting that, the board of directors in exercise of the mandate by shareholders mandated Sunu Participations Holding SA and Sunu Assurances Vie Cote D’Ivoire SA, on behalf of the company, to pay-off the holders of all the JPY1,350,000,000 zero coupon bonds 2026 issued by the company the sum of $7,800,000.00, representing the outstanding indebtedness owed to the bondholders by the company as at 31st December, 2019.