Universal Insurance Plc. says it has recorded a gross premium of N3.5 billion for the financial year ended, Dec. 31, 2021.
The figure represents 0.29 per cent when compared with N3.4 billion recorded in same period of 2020.
Mr Jasper Osita, Chairman, Universal Insurance, said this at the 52nd Annual General Meeting (AGM) of the insurance company in Lagos.
Osita said that the profit after tax for the year under review stood at N151 million as against N130.8 million achieved in 2020.
Also, profit before tax appreciated from N140.6 million in 2020 to N162.2 million in 2021.
He noted that the company showed further resilience by increasing its assets from N11.3 billion to N12.3 billion in 202, while shareholders fund rose to N10 billion, compared to N9.8 billion recorded in 2020.
Osita said that the performance of the underwriting firm in the year under review was because of the resilience of all its stakeholders in ensuring the company’s corporate existence.
“Our quest is to become one of the top players in the financial service sector of this economy.
“Our emergence as expected e-stop-shop for the array of services which we now offer through our retail outfits is in line with this quest, ” he said.
According to him, despite the difficult business environment, the company was ready and equipped with dedicated board, management and staff that are willing and ready to ensure that the fortunes of the company do not dwindle.
In his address, Mr Benedict Ujoatuonu, Managing Director/ Chief Executive Officer (CEO) of the insurance company, said the performance of the insurer in the year 2022 would be far better than the year under review.
Ujoatuonu said, “As at the half of year 2022, the underwriting firm has done more than what it did in the whole of 2021, despite the current situation of the country.
“We are hoping very strongly that the year 2022 will come out better,” he said.
According to him, the insurer’s hotel which is its major subsidiary is working and already contributing to the revenue of the company.
The managing director said: “What we did was to remove the old management of the hotel and contract it out to hotel managers under monthly rental.
Responding, shareholders of the underwriting company commended the insurer for its strong financial performance in 2021, despite the difficult operating business environment globally.
Former President of the Independent Shareholders Association of Nigeria (ISAN), Mr Sunny Nwosu, lauded the board and management of the insurance firm for growing its profit and improving the bottom line at a time when many other insurers recorded lower profit.
Nwosu said: “The result we see today is a testimony that things are changing and I commend the courage of the new chairman of the company for encouraging that things must be done properly.
“I have faith in this company especially when you look at the retail earnings. The company has been doing well in that area but needs to be encouraged to do more.
“We also appreciate the core investor who doesn’t sleep but always working to ensure the company move forward.
“We have a reputable insurance company and we must support them to make sure they meet all regulatory requirements of the recapitalisation.
Mr Moses Igbrude, Immediate Past Publicity Secretary, Independent Shareholders Association of Nigeria( ISAN), commended the company’s performance, despite difficulties in the business environment.
Igbrude charged insurance regulators and operators to collaborate in educating Nigerians on the need for insurance.
He noted that insurers must do more in deepening micro insurance for financial inclusion, deeper penetration and sustaining the future of the industry.