Universal Insurance Shareholders’ Fund Hits N16.4bn

The Shareholders’ Fund of Universal Insurance Plc rose to about N16.4 billion in the first quarter of 2025 as against N13.25 billion reported in 2024 financial year.

This translates to about N3.2 billion increase between December 2024 and March 2025. Similarly, the company achieved a gross written premium (GWP) of N8.07 billion, above 100 per cent higher than the target for the quarter.

Speaking at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos recently, the managing director/CEO of the company, Dr. Jeff Duru, said, “Last year, we recorded N15.25 billion in Gross Written Premium (GWP) and profits after tax of N2.8 billion. We are charged to serve the public better to make them have that experience. Our claim payment is top-notch. Our services are top-notch. We are fully computerised.

“All our Personal Line products are digitised. You can go through our website, access our products, get your quotes and make payment seamlessly, and you can also initiate claim payment and we follow it up at the backend. Universal insurance has come to stay and to serve the industry, give them peace of mind, give them an excellent customer experience. That is what we are doing.

“As at the first quarter, we have produced N8.07 billion in terms of GWP, and that was about 130 per cent of our first quarter target. We are progressive, we are highly innovative, and bring insurance to the doorstep of our customers, with seamless operations, accessibility and affordability. Our products are highly affordable. You can try us and you will get the best service with peace of mind.”

On products and initiatives, Dr Duru said, “Our initiatives and products include ‘Shop Insure’ cover. The ‘Shop Insure’ cover was basically designed for shop owners and businessmen that operate businesses at a Small and Medium Enterprise (SME) level.

It provides them with fire insurance cover, burglary, cover for personal injury and alternative accommodation during relocation.

“We have OkadaPass. This product was designed for companies, organisations that are into delivery, people that deliver products and services through bikes. It’s an online or digital service provision for the delivery business. It covers the bike, the rider and the package, because the package can be of great value to the service providers and personal injury to the riders.

“Our initiatives also include our digital customer portal, mobile app through which our customers can access our products, get quotes, initiate renewals, and initiate claims. We have our digital chatbot or Artificial Intelligence (AI) driven chatbot and visual assistant. That is 24/7 services that will take the position of our service centers at any point in time. Our chat box will deliver fantastic experiences to the customers of both chat and voice services.”

Universal insurance PLC is a non-life insurance underwriter that has existed for over 60 years, reengineered, regenerated to serve customers better. The company is fully recapitalised with an asset base of over N20 billion