Universal Insurance Posts N4.1bn Premium Income, Deepens Retail Market

Universal Insurance Plc recorded N4.1 billion premium income in the first half of 2022 ended 30th June 2022.

The figure, according to the company, is far above what was achieved in the whole of 2021.

The company’s premium income at the end of 2021 stood at N3.4 billion; while a total sum of N459 million was paid as claims.

The company’s report for second half of 2022 showed a profit after tax of N796 million and a total claims paid of N348 million.

The managing director/chief executive officer, Universal Insurance Plc, Dr. Benedict Ujoatuonu, while speaking at the formal inauguration of the newly elected executives of the National Association of Insurance and Pension Correspondents (NAIPCO) which took place in Lagos at the weekend, stressed that the company has a mandate to deepen insurance penetration through the retail market.
Ujaotuonu, who was ably represented at the occasion by the company’s secretary and head of Corporate Communications department, Chinedu Onyilimba, said the performance was made possible as a result of aggressive moves to drive its business development especially by providing special tailor-made products in their retail operations.
“Our aggressive deployment of technology, especially in driving our retail operations as well as our business expansion which led to opening of new branches, enlargement of our marketing units which also led to the engagement of new staff made this possible,” the MD/CEO stated.
He said the company is poised to drive, achieve and surpass its N6.5 billion target set for 2022 despite harsh economic environment.
Ujaotuonu said, the company, as part of its strategy, will continue in its business expansion to meet its target of making its products and services available to its prospective customers across the nation, noting that the firm is expanding its investment and leveraging technology to drive its retail operations.
“We are also expanding our investment in and deploying technology especially in our retain operations, this will help us make our numerous tailor-made products accessible to the populace,” he said.
He pledged his company’s commitment to continue to collaborate with NAIPCO to advance the course of insurance and pension industry in the country.
The inauguration of NAIPCO new executives was jointly sponsored by Universal Insurance Plc, Anchor Insurance Limited, and Sovereign Trust Insurance Plc.