BY NKECHI NAECHE-ESEZOBOR —SUNU Assurances Nigeria Plc, a member of SUNU Group, said it paid a total of N3.28 billion as claims to policyholders at the end of the financial year ended 31st December, 2024, highlighting its commitment to policyholders.
Speaking at its 38th Annual General Meeting (AGM), held today at the BWC Hotel, Victoria Island, Lagos State, the Chairman of the company, Kyari Abba Bukar, said claims payment for the year rose by 57.8 percent from N2.08 billion paid in 2023.
Profit after tax rose to N3.59 billion when compared to N2.5 billion achieved in 2023, this the insurer said was driven by business growth and favorable impact of Federal Government’s forex policy.
Gross Written Premium (GWP) for the year 2024 reached N13.03 billion, a significant increase from N8.16billion in 2023. This growth of N4.87 billion, representing a 59.6 per cent rise, also surpassed the full-year budget of N10.16 billion by an impressive 128.3 per cent.
On the future of the company he said, “Our strategic focus remains on deepening market penetration, expanding our product offerings and driving profitability. We are committed to delivering value to our shareholders while reinforcing our corporate values of integrity, innovation and excellence. The strength of our talented team and dedication to our customers’ needs will ensure that we continue to deliver value to all stakeholders”.
Also, Samuel Ogbodu, MD/CEO SUNU Assurances Plc., noted that net premium income grew by 70% demonstrating the company’s capacity to retain and manage risk effectively.
Shareholders’ fund strengthened by 37.9%, reinforcing the company’s capital base and positioning them for future growth and regulatory resilience.
He listed digital transformation, staff development and product innovation as some of the strategic initiatives the company deployed in 2024 to enhance its operational efficiency and quality service delivery.
Looking ahead, he said the company will focus on three key areas in 2025 such as capital recapitalization which he said is evident in the company’s increasing shareholders’ fund.
Operational efficiency he said “Enhancing our claims management processes to maintain a fast claims process, low claims payout ratio and improve profitability is its target.
While expanding its market presence through targeted marketing strategies and partnerships.
He added that the company will also focus on deepening digital transformation to enhance customer experience
Following its impressive performance, the board of directors declared a dividend of 10k per share on 50k ordinary shares which is scheduled for payment on Monday, June 16, 2025.
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