Universal Insurance says it paid N1.2bn claims to its policyholders in 2022 financial period.
It disclosed this in a statement on its annual financial results for the period ended 31st December, 2022.
The underwriting firm’s profit for the year appreciated by 341 per cent from N161.1m in 2021 to N667.8m in 2022.
The Chairman of the company, Jasper Uduagwuike, disclosed this to shareholders during 56th annual general meeting in Lagos.
He said its gross premium written rose by 63 per cent to N5.7bn from N3.473bn in 2021, while total revenue rose by 84 per cent to N4.87bn from N2.644bn.
According to him, the company’s strength to take more risks showed in the 84 per cent increase in earned premium from N2.4bn to N4.43bn.
“Notwithstanding the challenging operating environment, the group achieved a significant 320 per cent growth in profit before tax to N682.18m as against N162.23m, while the group’s earnings per share was 3.87kobo, the previous mark was 2.36kobo,” he said.
The shareholder’s fund rose slightly by seven per cent to N9.7bn, from the previous year, while asset appreciated to N12.4bn at the end of the period under review.
The chairman said, “With increased profitability, the future of our company, Universal Insurance Plc, shines brighter than ever. We are steadfast in our commitment to delivering sustainable results, undeterred by the challenges that may lie ahead.”
Speaking at the meeting, the shareholders unanimously applauded the management and staff of the company led by Benedict Ujoatuonu, for delivering unprecedented financials.
Speaking on behalf of the Shareholders, Mr Sunny Nwosu said, “I am impressed with what I see today, especially when you look at where they were coming from in 2018, you will see that they have done very, very well. We appreciate the board and management of the company.”
