Samuel Ogbodu, MD/CEO SUNU Assurances PLC
BY NKECHI NAECHE-ESEZOBOR— Despite numerous challenges in insurance sector, lead underwriter, SUNU Assurances Nigeria Plc has announced remarkable performance in its unaudited financial results for the third quarter ended September 30, 2022, recording impressive growth across all its major indices, replicating the commendable performance it achieved in the first two quarters of the current fiscal year.
A statement released by the insurer shows that it’s underwriting profit increased to N1.297 billion in Q3, 2022 from N941.857 million in Q3 2021, representing N355.181 million or 38 per cent growth.
This the company attributed to increase in underwriting business for the period.
Profit Before Tax also rose to N374.728 million in Q3 2022 from N55.378 million recorded in Q3 2021. The profit grew by N319.350 million representing 577 per cent growth.
The company also fulfilled its obligation to clients with claims payment amounting to N1.14 billion in Q3 2022 as against N2.2 billion paid in Q3 2021.
Gross Premium Written grew by 15 percent from N4,028 billion in third quarter of 2021 to N4.622 billion in the same period of 2022.
While Gross Premium Income was not left out as it stood at N3.862 billion in the period under review from N3,164 billion reported in the third quarter of 2021, this indicating a growth of 22 percent.
Speaking on its performance, the Managing Director of the company, Mr. Samuel Ogbodu said the company was able to achieve the impressive performance due to the massive support from the SUNU group, Board of Directors, our strategic investments in our greatest asset (human capital) our network and knowledge of the market, the Nigerian economy, prompt settlement of all claims with discharge voucher (DV), robust reinsurance facility and our undaunting ability to drive our operation with technology.
In addition, he said the company’s financial strength has grown sufficiently to accommodate any line of business we are licensed to underwrite.
“If a claim occurs, we take it seriously and make immediate plans after assessment to pay. If it is a motor claim, we send our in-house staff and if it’s a large claim, we send loss adjuster to review it so that we take necessary steps to effect payment as fast as possible. We pay claims within 48 hours after issuance of discharge voucher”.
SUNU Assurances Nigeria Plc, is a member of the highly successful SUNU Group that has over 20 insurance companies in 17 African Countries and has over 558 million Euros worth of Assets under Management as well as 229 million Euros in Premium Income.
SUNU Assurances Nigeria Plc has the vision to be a leading African Insurance company and is on a mission to be an insurance company recognized for excellent client services, using cutting edge technology, motivated workforce and good business ethics to meet stakeholders’ expectations.
This is being driven by innovative service delivery, products development, cost management, customers experience and ensuring proper balance in all dealings.
