Universal Insurance Grows Assets To N12.3bn In 2021

L-R: Paulinus Offorzor (Executive Director, Technical Operations); Mrs. Olufunmilayo Balogun, Non-Executive Director; Dr. Ben Ujoatuonu, MD/CEO; Barr. Jasper Nduagwuike, Non-Executive Director, presided at the occasion; Chinedu Onyilimba, Esq. Company Secretary/Legal Adviser and Reginald Anyanwu, Executive Director, Northern Operations, during their 52nd AGM held at Radisson Hotel, Lagos.

Universal Insurance PLC has grown its assets base to N12.3 billion in 2021 from N11.3 billion recorded in 2020.

This was disclosed by the Chairman of the Board of the Company, Mr Jasper Osita while speaking  at the Company’s 52nd Annual General Meeting (AGM) held at Radisson Hotel, Ikeja on Thursday, October 13, 2022.

Mr Osita  told shareholders that Universal’s performance in 2021 is a pointer to the resilience of all stakeholders to its corporate existence in seeing that the expectation is exceeded.

“This is clearly shown in your company’s gross  premium written of N3.5 billion when compared with the N3.4 billion recorded in the corresponding period of 2020.  Our profit after for the year 2021 stood at N151 million as against N130.8 million achieved in the previous year of 2020.

“Our profit before tax also appreciated from N140.6 million  to N162.2 million in the year under review.”

The company, he said, “also showed further resilience by increasing its assets from N11.3 billion to N12.3 billion in 2021 while shareholders fund rose to N10 billion when compared to N9.8 billion in 2020.”

Looking into the future, Ostia said “our quest is to become one of the top players in the financial service sector of this economy. Our emergence as a one-stop-shop for the array of services we now offer through our retail outfits is in line with this quest.”

He assured that despite the difficult business environment the company is ready and equipped with dedicated board, management and staff that are willing and ready to ensure that the fortunes of the company do not dwindle.

Addressing shareholders, the Managing Director/ CEO, Benedict Ujoatuonu, noted that the 2022 will be far better than the year under review.

He said “As at the half year 2022 we have done more than what we did in the whole of 2022 despite the current situation of the country. We are very hoping very strongly too that the year 2022 will come out better.”

On its subsidiary, he said “ The hotel which is our major subsidiary is working and already contributing to the revenue of the company.

On how it achieved it he said “ what we did was to remove the old management and contract it out to hotel managers under monthly rental.

In appreciating the company’s performance, the Company’s Shareholders applauded the insurer for its strong financial performance in 2021 despite the difficult operating business environment globally.

Speaking on behalf of shareholders, at the insurer’s, the former President of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, expressed his appreciation to the board and management for growing profit and improving the bottom line at a time when many other insurers recorded lower profit.

“The result we see today is a testimony that things are changing.

“I praise the courage of the new chairman of the company for encouraging that things must be done properly in the company.

“I have faith in this company especially when you look at the retail earnings. The company has been doing well in that area and needs to encourage them to do more.

“We also need to praise the core investor who doesn’t sleep but always working to ensure the company move forward. Last AGM we gave him a matching order that nothing must happen to Universal Insurance and he promised firmly that he will work to ensure company recapitalize. We need to encourage such investor.

“All I need to tell today, is that we have reputable insurance company and we must support them to make sure they meet all regulatory requirements of the recapitalization,” he said.

Moses Igbrude, immediate past Publicity Secretary, Independent Shareholders Association of Nigeria( ISAN), commended the board of management for their performance.

According to him the company did well despite the difficulties in the business environment.

He however urged the operators and the regulators to come together and educate Nigerians on the need of insurance.

He enjoined insurers to do more in deepening micro insurance for financial inclusion, deeper penetration and sustaining the future of the industry.