Unitrust Insurance Company Limited in a multi-dimensional upswing achieved significant milestones across its financial metrics by posting insurance revenue of N6.9bn for 2023 resulting in 30% compared to N5.3bn recorded in 2022.
The company stated that the result ending December 31, 2023, reinforced its position as a leading player in the insurance industry. The result which is based in the adoption of IFRS 17 standards recorded growth which was attributed to improvement in service delivery, customer, and strategic expansion into new market segments.
The profit before tax was N2.4bn and profit after tax stood at N1.7bn from a N178 million profit before tax and N185 million profit after tax in 2022 showing a remarkable growth of 1,264% and 858% respectively. According to the company it showed it successfully navigated the stormy macroeconomics environment in 2023 by deploying cost optimisation initiatives. This robust performance is a testament to the operational efficiency and prudent investment strategies.
The claims obligation in keeping to its commitment of delivering prompt settlement of claims, Unitrust paid N3.2bn claims in 2023.
Upbeat with several strategic initiatives it embarked in 2023 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.
