SUNU Assurances completes first phase recapitalisation plan
SUNU Assurances Nigeria Plc, said it has successfully completed the first phase of its recapitalisation plan by increasing shareholders’ fund to N6.61 billion in 2020 from N3.47 billion in 2019.
The Managing Director/Chief Executive Officer, Samuel Ogbodu, while speaking at a press conference in Lagos recently, noted that the increase in shareholders’ fund represents a 90 per cent growth after share reconstruction and capital injection of N3.01 billion.
He noted that in spite economic challenges, the firm has continued to grow its market share, stressing that the firm will close the year 2020 with a premium production of at least N3.15 billion, as against closing year 2019 with premium production of N2.24 billion, which represents a growth rate of 40 per cent due to the restructuring initiatives and strategic business transformation carried out in recent quarters to mitigate the effect of economic challenges.
Ogbodu maintained that the company will close the year with claims pay-out of N1.29 billion in 2020, while its underwriting profit grew to N1.22 billion in 2020 from N781 million in 2019, presenting a growth of 56.2 pep cent, which was due to improved technical efficiency in business operations.
According to him bulk of the claims came from oil & gas and motor. He posited that due to the firm’s prompt response to claims settlement, old and new policyholders have being flocking to the firm to underwrite their risks.
“We have continued to focus on our strategic strengthens, centred on our technologically differentiated service delivery and delivery and operation.
“We are also continued to focus our technologically differentiated service deliver and operations. We are also bringing the company more in-like with initiatives that will delight our customers, which are geared towards being a customer-centric company with firm aspirations of achieving sustained and orderly growth in the coming years,” he said.
The SUNU boss, posited that the company is embarking on the growth phase while it remains committed to its strategic objectives and core values, which will also guide the future and culture of the company.
He maintained that the firm has concluded plans to inject N3.5 billion into its kitties through right issue which will be activated by March 2021.
He said business renewal by clients of the company has been awesome, adding that the excellent performance being recorded in renewal process is due to the excellent service offered by the firm.
