Universal Insurance Revenue Hits N8.02bn In 2023

Universal Insurance Plc recorded its top and bottom lines, with an impressive insurance revenue of N8.02 billion in 2023, up from N4.3 billion it was in 2022. Its gross written premium of N9.3 billion surpassed the N5.7 billion gross written premium it recorded in the corresponding period of 2022.

Speaking at its 54th annual general meeting held recently, the chairman of the company, Jasper Osita Nduagwuike said,. profit for the year 2023 amounted to N514 million while total assets rose from N12.3 billion in 2022 to N15.7 billion in 2023, saying, its  shareholders’ fund will grow from N7 billion achieved in 2022 to N10.4 billion  in 2023.

On future outlook, he said: “This great achievement gives confirmation to the unwavering resilience of all stakeholders and their commitment to our corporate existence, surpassing expectations. Our unbroken streak of profitability in recent times is as a result of our collective efforts.”

He added that, “Universal Insurance remains resolute in delivering.sustainable results amidst the challenges that the future

may hold. With a solid financial foundation and a strategic approach, we are confident in our ability to navigate this dynamic landscape and continue providing value to our customers and stakeholders.

“Despite the challenging times ahead, our company remains dedicated to navigating this turbulent economic landscape and achieving our business objectives.”

Also, the managing director/CEO, Dr. Benedict  Ujoatuonu, noted that, the underwriting profit was N1.537 billion, down from N1.556 billion Underwriting loss in 2022, primarily due to substantial claims payments during the period and the implementation changes of IFRS 17.

Profit Before Tax (PBT), according to him, reached N526.7 million, as against N124.8 million in 2022, which represents 522 per cent growth.

On its future strategic initiatives, he said, the company will focus on  Market expansion, Digital Transformation, Talent Development, while noting that, its success is built on the dedication of its employees, and are committed to their development and well-being.