Insurance World

Sunu Assurances Hopes For Profit Growth Of N184.425m For Q2 2021

BY NKECHI NAECHE-ESEZOBOR--Sunu Assurances Nigeria Plc at weekend projected gross written premium of N2.74 billion representing 62.41% of the full year budget.

The insurer said GWP is expected to be greater than the premium reported in same period of 2020 by 41.97% which stood at N1.93 billion.

The company disclosed this when it released its earnings forecast for the second quarter 2021 at the Nigerian Stock Exchange, it projected a profit after tax of N184.425 million for the Q2.

Product mix for Fire, Oil & Gas, Marine Cargo, Marine Hull, Motor Engineering, General Accident and Aviation are projected at 19%, 19.5%, 9%, 6%,20%, 6.5%, 15% and 5% respectively.

The notice added that Gross claims incurred for 2021 businesses are projected based on 4 years average loss ratio.

While Investment income arising from the placement with banks and fixed interest Government securities was projected at 3.75% per annum

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