BY NKECHI NAECHE-ESEZOBOR—Universal Insurance Plc has disclosed that insurance brokers support has enabled the company to grew its premium income by 63% in 2023.
Managing Director/ CEO, Benedict Ugochukwu Ujoatuonu, disclosed this when the company hosted the April edition of members’ evening of the Council, yesterday in Lagos that its premium income grew from N5.7 billion at the end of 2022 to N9.4billion in 2023.
According to him in 2023 Profit for the company also appreciated by nine percent from N619 million in 2022 to N675million in 2023.
Committed to prompt claims payment, the company settled a total of N1.756billion to policyholders at the end of 2023 from N682,589million paid in 2022.
On Social Corporate Responsibility, he said “We have done a lot in the area of CSR by extending our hands of fellowship to less privileged people, donation of books to institutions and hospitals to visit the sick and make payment for those who are sick. We have a responsibility to reach out to our host communities in various places where we do our business. In 2023 we donated a total of N21.1 million to the society when compared to N15.4 million donated in year 2022.”
On digitalization of operations, he said “we understand that businesses comes in different shapes. In Universal insurance, in applying professionalism we are flexible, looking at the peculiarity of the businesses of partners, brokers and clients. We have professionals among us.
“I want to assure you when you place your risk with us, you have nothing to fear because one of the things that work for us, is that we have very knowledgeable, young and vibrant workforce. We expose them to training from time to time to ensure that we continue to improve on what we are doing.
“We are also striving in moving our performance in terms of response to claims payment and I assure you it will be beneficial to all of us.
He thank them for for supporting the company to attain the level it got to in 2023, adding that he strongly believed that the year 2024 will be better for Universal insurance and Nigerian Insurance Brokers.
He said the company as at April 2024 has done about between 65% to 68% to what they achieved last year, courtesy of the brokers.
