Initially, Universal Insurance was thought to be an insurance company of the Eastern Nigeria because of the way it dominated insurance business in that clime.
However, in recent times, it has restructured and repositioned to ensure it captures all the part of the country as well as having a strong root in retail insurance.
Mission & Corporate Focus
Its mission is to become a dominant player through the provision of Insurance services with professional touch, using highly motivated workforce and modern Information Technology, while discharging its duties to the Society and all stakeholders as a responsible corporate citizen.
Moreover, its Corporate Focus is; “To render prompt, honest, efficient, innovative and dynamic Insurance Services to all our stakeholders, especially, in the areas of provision of adequate cover, risk management services and prompt settlement of claims.”
Business Philosophy
In order to guarantee maximum cover to its customers, Universal Insurance Plc has made a two pronged reinsurance arrangement.
To this end, it has unlimited capacity protection on facultative reinsurances based on individual accounts as facultative reinsurances are placed both locally and offshore depending on the size of the account.
Its offshore placing Brokers based in London give the firm access to all first class reinsurers worldwide and Lloyds of London while its local facultative reinsurance is placed with other local insurers and other regional reinsurers that respond quickly to claims.
The second segment of its reinsurance arrangement is led by the foremost reinsurance company in Africa -African Re.
Universal Insurance Plc has, therefore, restructured its management and operations for the challenges ahead.
Financial Performance
As at 30th September 2024, the gross premium written of the insurer appreciated to N12,289,437 billion while underwriting profit grew from N641,999 million to N3,253,235billion.
The premium income of Universal Insurance Plc grew by 63 per cent to N9.4billion in 2023 as against N5.7billion it recorded in its 2022 financial year end.
Profit After Tax soared by 9% from N619million in 2022 to N675million in 2023 even as the total claim paid grew by 157 per cent from N682.5million to N1.7billion within the period under review.
Acknowledging the impact of brokers’ support and partnership in its business, the company said, in 2023, a total of N21.18million was donated to the society as its Corporate Social Responsibilities (CSR) compared to N15.4million donated in year 2022.
“Claims payment still remains our focal point and priority. At Universal, we strive to meet our claims obligations as and when due. We have consistently delighted our customers with prompt settlement of claims. This to us is the major reason why we are in business. I assure you that we will continue to grow our tempo in claims settlement,” he assured brokers at the event.
Biography
The Universal Insurance Company Limited (UNISURE) was established by the then Eastern Nigeria Government, African Continental Bank Plc in 1961 through an association between Eastern Nigeria Development Corporation (ENDC) and Pearl Assurance Company Limited of London whereby ENDC acted as agents to the insurance company.
The Universal Insurance Company Limited also from inception has been on a partnership relationship with Swiss Reinsurance Company of Zurich, which also provided the necessary reinsurance support. Mr. K. R. Lugg an expatriate had the privilege of being the first General Manager of the Company until 1963 when Mr. M.A.C Chukwudinma was appointed the first indigenous General Manager.
The aftermath of the Nigeria civil war was that Eastern Nigeria became defunct.
Thus, after series of changes, the East Central State was split into Anambra, Imo, Enugu, Abia, and Ebonyi States. These five states apart from many individuals have shares in the Company.
The New Universal Insurance Plc is now a mega organization comprising the former United Trust Assurance Company Limited, Oriental Insurance Company Limited and African Safety Insurance Company Limited. Overtures are still being made by some companies seeking to be acquired by the new mega company.
As at 30th September 2024, the Shareholders fund of the new mega company after NAICOM verification is over N12.3billion.
As at today, this company has an asset base of in excess of N18.1 billion from N15.3 billion. It is a General Business organisation, underwrites General Insurance businesses.
The Universal Insurance Plc is now fully computerised to drive excellence in service delivery, Customer – oriented and a prime company that is poised to be a giant in risk bearing.
