Unitrust Insurance Pays N3.2bn Claims To Policyholders In 2023

Unitrust Insurance Company Limited’s policyholders received N3.2 billion as compensation on their insured risks, having suffered mishap in 2023.

The company reported Insurance Revenue of N6.9 billion, resulting in 30 per cent increase compared to N5.3 billion recorded in 2022, stating that the growth is attributed to improvement in service delivery, customer, and strategic expansion into new market segments.

Unitrust successfully navigated the storming macroeconomics environment in 2023 by deploying cost optimisation and initiatives to deliver Profit Before Tax of N2.4 billion and Profit After Tax of N1.7 billion from -N178 million Profit Before Tax and N185 million Profit After Tax in 2022, showing a remarkable growth of 1,264 per cent and 858 per cent, respectively.

This robust performance, it stressed, is a testament to the operational efficiency and prudent investment strategies.

Following the adoption of the new IFRS 17 standards, the company reported Insurance Revenue of N6.9 billion, resulting in 30 per cent increase compared to N5.3 million recorded in 2022. This growth is attributed to improvement in service delivery, customer, and strategic expansion into new market segments

In 2023, Unitrust embarked on several strategic initiatives aimed at driving growth and enhancing customer experience and ensured commitment to sustainable business practices even as the company is optimistic about future growth and committed to offering its numerous customers quality service delivery, it pointed out,