BY MICHEAL GABRIEL—–Despite the harsh economic business environment, Universal Insurance Plc once again delivered a solid financial result for the financial year ended 31st December 2024.
Jasper Nduagwuike, Chairman of the company disclosed this during the company’s 55th Annual General Meeting (AGM), held yesterday in Lagos, that the company’s gross written premium rose by 64.5% to N15.3billion in 2024 from N9.3billion achieved in 2023.
This he said is an evidence that the products are gaining traction and our customers trust in our service.
He said insurance revenue appreciated to N13.8 billion in 2024 as against N8.02 billion reported in the previous year of 2023, representing 72% increase.
This the insurer attributed to the company’s ability to balance prudent underwriting with innovation and ensuring it meets the needs of customers while safeguarding long-term profitability.
Profit before tax rose by 291.26% to N2.01 billion as against N526.716 million in 2023 while insurance service result grew to N2.79 billion from N1.54 billion.
On the company’s balance sheet, he said total assets expanded from N15.7 billion in 2023 to N20.3 billion in 2024, while Shareholders fund went up from N10.4 billion to N 13.2 billion in the previous year of 2023.
On its strategic focus for 2025, Dr. Jeff Duru, Managing Director of the company said that “despite the prevailing challenges, we remain optimistic and prepared to navigate uncertainties.”
He also listed operational efficiency; Risk management and investment strategy, as the company’s key areas of focus in 2025.
Explaining further he said “ our company will be Streamlining, processes through automation, digitization, and lean practices to reduce costs and enhance agility.
“In 2025 we will strengthen our risk management framework to proactively identify and mitigate risks, while safeguarding assets and protecting shareholder value.
On investment Strategy he said “Implementing a prudent, diversified, and long-term investment approach that balances risk and returns , ensuring both capital presentation and portfolio growth.”
