Universal Insurance Plc, Nigeria’s for the first time put up a half year performance that surpassed the results of the previous year, this was earned in the first half of this year, it achieved a total premium income of N 4.1 bn above result of 2021 which closed at N3.4bn and the company is upbeat it will surpass the target of N6.5bn for this year.
The company said its claims obligation so far remained at N348 million and the profit after tax for the half year is N796 million. The claims paid in 2021 was N459 million.
The Managing Director/Chief Executive Officer, Universal Insurance Plc, Dr. Benedict Ujoatuonu, made these disclosures in his speech on the occasion of the formal inauguration of the newly elected executives of the National Association of Insurance and Pension Correspondents (NAIPCO) which took place in Lagos.
Dr. Ujaotuonu represented by the Company’s Secretary and Head of Corporate Communications Department, Chinedu Onyilimba, said the performance was made possible by the aggressive moves in driving its business development especially by providing special tailor-made products in their retail operations.
“Our aggressive deployment of technology, especially in driving our retail operations as well as our business expansion which led to opening of new branches, enlargement of our marketing units which also led to the engagement of new staff made this possible,” the MD/CEO stated.
Dr. Ujaotuonu said the company, as part of its strategy, will continue in its business expansion to meet its target of making its products and services available to its prospective customers across the nation, noting that the firm is expanding its investment and leveraging technology to drive its retail operations.
“We are also expanding our investment in and deploying technology especially in our retain operations, this will help us make our numerous tailor-made products accessible to the populace,” he said.
Dr. Ujaotuonu pledged his company’s commitment to continue the collaboration withto collaborate with NAIPCO to advance the course of insurance and pension industry in Nigeria.
The inauguration was jointly sponsored by Universal Insurance Plc, Anchor Insurance Limited, and Sovereign Trust Insurance Plc.