BY NKECHI NAECHE-ESEZOBOR— Universal Insurance PLC has again announced a splendid performance in its unaudited financial year ended 31, December 2023, recording impressive growth across all key performance metrics, with gross premium written (GPW) appreciating to N9. 34billion from N5.66billion in 2022, indicating a 64 percent growth.
The unaudited 2023 financials, filed by the insurer on the floor of the Nigerian Exchange Limited (NGX), showed that despite the highly challenging global economic and business environment, Universal Insurance grew Profit Before Tax (PBT) to N1.78 billion in 2023 when compared to N534,668 million achieved the the same period of 2022, indicating a growth of 234.6 percent.
Breakdown of the result shows that Profit After Tax (PAT) rose to N1.76 billion, from N529,268 million, a 232.6 percent increase.
In the review period, the Company recorded underwriting profit of N3.23billion from N1.73 billion in 2022, indicating a 86.4 percent growth.
Universal Insurance balance sheet was further strengthened with total assets rising to N15.07 billion, a 23 percent increase from N12.17 billion in 2022.
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The investment incomes, according to the company rose by 20.68 percent to N183,556 million to N152,100 million in 2022
Net income further rose by 82 percent to N3.417 billion from N1.886 billion in 2022 while earnings per share rose to 11.00 Kobo when compared to 3.31 Kobo achieved in 2022
The Universal Insurance Plc is one of the nation’s largest personal lines insurer. With over N15 billion in assets, and sell eight major lines of insurance, including auto, property and commercial.
Universal is widely known for providing peace of mind to our clients and enriching their quality of life through our partnership in the management of the risks they face.
