Unitrust Insurance Posts ₦6.9bn Revenue In 2023
MD/CEO, Unitrust Insurance, Adedayo Arowojolu
Unitrust Insurance Company Limited has announced its financial performance for the year ending December 31, 2023.
The company achieved significant milestones across its financial metrics, reinforcing its position as a leading player in the insurance industry.
Following the adoption of the new IFRS 17 standards, the company reported Insurance Revenue of ₦6.9 Billion, a 30% increase compared to ₦5.3 billion recorded in 2022.
The Company in a statement attributed the growth to improvement in service delivery, customer, and strategic expansion into new market segments.
On Profit Before Tax (PBT), Unitrust said it successfully navigated the storming macroeconomics environment in 2023 by deploying cost optimization and initiatives to deliver Profit Before Tax of ₦2.4 Billion and Profit After Tax of N1.7 billion from N178 Million Profit Before Tax and N185 Million Profit After Tax in 2022, showing a remarkable growth of 1,264% and 858%, respectively. This robust performance is a testament to operational efficiency and prudent investment strategies.
In keeping with its commitment to settling claims promptly, Unitrust said it paid N3.2 billion in claims in 2023.
“In 2023, Unitrust embarked on several strategic initiatives aimed at driving growth and enhancing customer experience and ensured commitment to sustainable business practices.
“The Company is optimistic about future growth and committed to offering its numerous customers quality service delivery,” the statement stated.
