L-R: Chief Marketing officer, Dele Oyetunji; Chief Internal Auditors, Ifeyinwa Agbogwu; Managing Director/ CEO, Adebayo Arowojolu; ED Technical, Anibaba Tunji; Ngozi Odikanu, Head Legal and Compliance and CFO, Segun Adeoye, at the event held today in Lagos.
By NKECHI NAECHE-ESEZOBOR: Committed to prompt claims settlement, Unitrust Insurance Company Limited on Wednesday said it has paid a total of N3.4billion as claims to policyholders from 2021 to the end of first quarter, 2023.
The company disclosed this during a media briefing to unveil its new managing director/ CEO, held at its head office in Lagos.
L- R: Managing Director/ CEO, Adebayo Arowojolu; ED Technical, Anibaba Tunji
Giving the breakdown, the Managing Director / CEO, Dayo Arowojolu , said the company paid a total of N1.098 billion to its policyholders as at the end of 2021, N1.98billion in 2022 and N282.7 million as at the end of first quarter, (Q1) 2023, respectively.
He assured that the company was meeting its responsibilities, especially in the area of prompt claims settlement to clients and other stakeholders.
While noting that all claims are paid within 48 hours after dispatch voucher has been signed by the policyholders and returned back to insurer. .
Speaking further on its financial performance, he said at the end of Q1 2023 Gross Written Premium rose by 31.71 % to N2,985billion when compared to N2,266billion in 2022.
The insurer’s Profit Before Tax rose to N382,717 million as against N311,778million achieved in the same period of 2022, indicating 22.75% growth
Target /budget for 2023
*Premium budget for 2023—N6.801 billion
*Underwriting target of N1.223 billion
*Investment income of N1.096 billion
*PBT N961.64 million
*PAT N846.249 million