Universal Insurance Premium Income Hits N9.4bn, Parley Brokers

The premium income of Universal Insurance Plc grew by 63 per cent to N9.4 billion in 2023 as against N5.7 billion it recorded in its 2022 financial year end. 

This is even as the insurance company recently parley registered insurance brokers in a move to further deepen insurance penetration in the country. 

Speaking at the April edition of the Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening in Yaba, Lagos recently, the managing director/CEO, Universal Insurance Plc,  Ben Ujoatuonu said, its Profit After Tax soared by nine per cent from N619 million in 2022 to N675 million in 2023 even as the Total Claim paid grew by 157 per cent from N682.5 million to N1.7 billion within the period under review. 

Acknowledging the impact of brokers’ support and partnership in its business, Ujoatuonu said, in 2023, a total of N21.18 million was donated to the society as its Corporate Social Responsibilities (CSR) compared to N15.4 million donated in the year 2022.

“Claims payment still remains our focal point and priority. At Universal, we strive to meet our claims obligations as and when due. We have consistently delighted our customers with prompt settlement of claims. This to us is the major reason why we are in business. I assure you that we will continue to grow our tempo in claims settlement,” he assured brokers at the event. 

Explaining the organic growth strategy of the organisation, he disclosed that the firms already opened six branches in less than two years with Yenogoa’s branch being the most recent one, he assured that more new branches will come up within this quarter, even as the insurer is also enhancing its online platforms to ease business operations. 

Earlier, the president, NCRIB, Prince Babatunde Oguntade has applauded Universal Insurance Plc for hosting the event and by so doing reaffirming itself as one of the most insurance broker friendly underwriters in the country, promising that, the brokers would continue to work with the host to enhance insurance penetration in the country. 

Explaining the consequences of the economic hardship on businesses in the country, he said, the present economic hardship allegedly occasioned by the removal of subsidy at the commencement of this administration as well as the harmonisation of the foreign exchange market with its attendant inflation, is affecting the business of the brokers. 

“It is no more news that the cost of goods and services has gone up astronomically. The effect of these on our business cannot be underestimated. It is unfortunate that when the economy was stable and okay, insurance products remained one of the last items in many household scales of needs. The overall situation warrants that the insurance industry and individuals brace up for this challenge. 

“While we are not condemning the various bold steps that the incumbent administration has taken to reshape the nation’s economic landscape, it is expedient of us to urge the Government to fast track the implementation of those policies that will bring relief to an average Nigerian,” he pointed out. 

The issue of Nigerians’ well-being, he said, should not be politicised while all hands must be on deck to ensure implementation of laudable policies that will lead to emergence of a new Nigeria.