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NSE Lifts Suspension on Shares of Universal Insurance

The Nigerian Stock Exchange (NSE) has lifted the suspension placed on the trading of shares of the Universal Insurance Plc.

This is contained in a notice posted on its official website, the notice thus reads: “We refer to our Market Bulletin dated 2 July 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 wherein we notified Dealing Members of the suspension of eleven (11) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules”), which provides that: “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will:

(a) send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;

(b) suspend trading in the Issuer’s securities; and

(c) notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”

Universal Insurance Plc, one of the eleven (11) companies that were suspended on 2 July 2019, has now filed its Audited Financial Statements for the year ended 31 December 2018 with The Exchange.

In view of the Company’s submission of its Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: “The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”, Dealing members are hereby notified that the suspension placed on trading on the shares of Universal Insurance Plc was lifted today, Wednesday, 7 August 2019.

Universal Insurance Plc has, over the past five years, sustained its momentum in terms of profitability, cutting edge customer services, innovative products designs tailored to meet special needs of its teeming customers and prompt claims settlement.

Recently the Company embarked on total restructuring and re-engineering of its operations and developed a full-fledged retail unit with requisite qualified personnel to man it.

To drive its expansion and growth strategies, the company in addition,  expanded its marketing team engaging highly qualified hands in both core marketing and retail units. Universal Insurance Plc has also expanded its E-platform.

This was confirmed by the Managing Director and Chief Executive Officer (MD/CEO) of the Company, Mr. Ben Ujoatuonu in a recent interview. He further stated the Company has been able to increase the numbers by growing premium income by over 130 per cent from N700million in 2017 to over N1.6billion in 2018. 

“We have developed a full-fledged retail unit with requisite qualified personnel to man it and also expanded our marketing unit,” he added.

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