NAIPCO Excos visited and had a cordial chat with the Management of Unitrust Insurance Company Limited today at the Unitrust House Ajose Adeogun Victoria Island Lagos.
In spite of the challenges posed by the COVID-19 pandemic, Unitrust Insurance Company Limited, said it paid a total of N1.8 billion as claims in 2020.
The Managing Director/Chief Executive Officer, John Ijerheime, disclosed this today during a courtesy visit by the executive of National Association of Insurance and Pension Correspondents (NAIPCO) to the firm’s head office in Lagos.
According to him the firm achieved underwriting profit of N802.19 million from N 301.759 million reported in the 2019 financial year while Gross Premium Written (GPW) grew by 13% to N3.98 billion.
Profit After Tax (PAT) was not left out as it grew to N747.172 million against recorded in 2019.
“In the same vein, the company’s underwriting profit improved significantly as the total of N802.194 million from N 301.759 million reported in the 2019 financial year. The claims paid for the year was N1.08 billion.”
Ijerheime reiterated that against the backdrop of challenges that characterised the year, the company delivered an outstanding performance across key metrics.
“Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies. Yet, in the face of prevailing circumstances the Company delivered impressive results during the Year.
“Our business growth model is driven by structural analysis of our strengths, weaknesses, opportunity, and Threats (SWOT) for responsive bonding irrespective of the challenging situations. We have by this result, demonstrated our robust capacity and sustainable execution of our strategic growth plans,” he submitted.
On 2021 half year performance, he stated that as at July 31, 2021, the company had generated N3.7 billion premium, which was closed to what it did in the full year of 2020, adding that the firm anticipates closing the year with over N5 billion.
Chairman of NAIPCO, Chuks Udo Okonta, used the visit to abreast the management of the company of the initiatives adopted by the association to contribute immensely towards the development of insurance sector.
He spoke on the association’s flagship products, tagged profiling which include, product profiling, claims profiling, management profiling and advert to news initiative.
According to him, claims profiling helps in showcasing companies claims payment history for a period of five years, while product profiling focuses on the benefits of arrays of products paraded by companies and management profiling helps showcase the pedigree of individuals steering the affairs of companies.
The advert to news, he said was developed to help the public understand fully the concepts of the contents of advertorials published by companies.
