BY NKECHI NAECHE-ESEZOBOR–Nigeria’s lead underwriter, Universal Insurance Plc, delivered an outstanding performance for the financial year ended 31st December, 2022, with profit for the year appreciating by 341% from N161,147 million in 2021 to N667,814 million in 2022.
The Chairman of the company, Barrister Jasper Osita Uduagwuike, disclosed this to shareholders during 56th Annual General Meeting, held today in Lagos that it delivered 63% growth in gross premium written to N5.7 billion when compared to N3.473billion reported in the previous year of 2021.
Worthy of note to the shareholders is an outstanding 84% increase in total revenue to N4.868 billion when compared to N2.644 billion.
The company’s strength to take more risks showed in the 84% increase in earned premium moving up from N2.403billion to N4.432billon.
Notwithstanding the challenging operating environment, the group achieved a significant 320% growth in Profit before tax to N682,177million as against N162, 234 million, while the group’s earning per share was 3.87kobo, the previous mark was 2.36kobo.
The Shareholder’s fund rose slightly by seven percent amounting to N9.7billion compared to the previous year as well as total asset which appreciated to N12.4billion at the end of the period under review.
Known for prompt claims payment, the insurer paid a total of N1.2billion to it’s policyholders during the year under review.
Speaking at the meeting shareholders unanimously appluded the management and staff of company led by Benedict Ujoatuonu, for delivering unprecedented financials.
Speaking on behalf of the Shareholders, Mr Sunny Nwosu said “am impressed with what I see today, especially when you look at where they were coming from in 2018, you will see that they have done very, very well. We appreciate the board and management of the company. Even the half year 2023 result was impressive and we are optimistic that they will pay dividend at the next AGM.
Responding to the shareholders, the Chairman said “with increased profitability, the future of our company, Universal insurance Plc, shines brighter than ever. We are steadfast in our commitment to delivering sustainable results, undeterred by the challenges that may lie ahead. Our solid financial foundation and strategic approach position us confidently to navigate the dynamic landscape and continue providing value to our customers and stakeholders.
“As the political and economic landscape providing evolves, we recognize the potential for increased economic activity in the insurance industry. We embrace the anticipated changes, such as expanded public sector demand, enhanced regulatory interventions, and the introduction of fresh ideas that drive economic transformation. By seizing these opportunities, we can contribute to the growth and development of the insurance sector, while adapting and thriving in a changing environment.
He noted that “amidst these changes, our unwavering focus remains on delivering exceptional value to our customers and stakeholders. Through prudent financial management and strategic decision-making, we strive to capitalize on opportunities and mitigate risks. Our commitment to innovation and personalized financial services empowers our customers, enabling their financial wall-being and establishing us as their trusted partner.
He said “Our ultimate goal is to become a leading player in the financial services sector, recognized for our integrity and customer-centric approach. As we journey towards this objective, we will adapt to market dynamics and uphold our commitment to excellence. By doing so, we will build upon our past achievements, create a prosperous future for our company, and bring success to.all our stakeholders.
He assured the shareholders that “Universal Insurance Plc is poised for a bright future. We remain resolute in our pursuit of sustainable results navigating challenges with confidence, and delivering exceptional value to our customers and stakeholders.
“Over the years, our organization has consistently demonstrated its commitment to delivering exceptional services and creating value for our customers. We have remained steadfast in maintaining the trust placed in us by stakeholders, ensuring that the Universal Brand continues to thrive. This success is a testament to the unwavering loyalty of our growing clientele, brokers and stakeholders, many of whom have stood by us during both prosperous and challenging times. We attribute our achievements to the dedication and hard work of our exceptional staffs, their unwavering commitment has been instrumental in shaping our current success.”