Universal Insurance Plc recorded 292 per cent profit before tax in its 2020 financial year end.
Speaking at the 51st annual general meeting(AGM) of the company held virtually in Lagos, the chairman of the company, Dr. Tyony Okocha said, the company’s PBT rose from a loss position of N322.8million in 2019 to N637.9 million profit in the year under review.
The event, which was chaired by Dr. Tyony Okocha in place of the substantive board chairman, Gen Joshua Dogonyaro who passed on earlier in the year, also revealed that profit after tax equally went up from N70.6million in 2019 to N624.6million in 2020.
He added that despite a very daunted year, the company’s was committed to achieving its fair share of it’s budget as well as protect the company’s capital prudence.
The company also achieved a gross written premium of N3.39 billion, amounting to 82% increase over N1.8 billion reported in same financial year of 2019.
Speaking on its performance in 2021, the managing director/CEO, Mr. Ben Ujoatuonu informed shareholders that the company received approval from the national insurance commission(NAICOM) to write agric insurance and micro insurance plans. He also announced that approval has been received from NAICOM for 8 new products.
These new products, according to him, are expected to generate huge revenues for the company
He noted that, one of the new products, KEKE PASS has been launched in Abuja and some states while there is an agreement to provide DRIVERS PASS for cab drivers.