Universal Insurance Plc, is optimistic that shareholders will receive dividend at the end of 2023 financial year as it sets to wipe off the negative retained earnings of about N300million down from over N3bn it was a couple of years ago, also tagged with this is the target of N10bn premium income at the end of year.
Speaking at the 2023 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos today, sponsored by Universal Insurance, the Managing Director/Chief Executive Officer of the Company, Mr. Benedict Ujoatuonu, said another target is to grow the premium income further to N18 bn in 2024.
Delving further into Universal performance he said, “In 2021, we did a premium income of about N3.6 bn. Our premium income in 2022 was N5.6 bn representing 58 percent growth. The company’s profit after tax for 2022 was about N618 million.”
Mr. Ujoatuonu said during the first quarter of 2023, the company recorded a total premium income of N3.7 bn and a profit after tax of N825 million. At the end of the second quarter, the company’s premium had increased to N5.1bn.
“In the second quarter of 2023, we have done a premium income of N5.1bn which is almost the total of what we did in the whole of 2022. We are targeting a total of N10 billion premium income at the end of this year and with our current performance, we are very optimistic and hopeful, we will meet the target. Our target for 2024, of course, will be derived from our performance at the end of 2023 and our Premium Income target for 2024 is N18 bn.
“We are hopeful that at the end of this year, we are going to wipe off our negative retained earnings and declare dividends to our shareholders. We have our eyes on the ball, we are pushing for it, and we are very hopeful we are going to achieve it.
“In Universal Insurance Plc, one of the greatest things we have been able to achieve is positive projection and acceptability in the market. I must tell you this has added so much to us,” Mr. Ujaotuonu said.
Sitting with the company on the saddle of success he stated is the support from journalists in projecting the company to the general public promising that that company remained committed to the partnership and the benefit.
With shareholders funds in excess of N19.8bn and asset of about N12.4bn and 16 bn fully paid shares and share capital of N8bnThe company’s shareholders fund stands at over N19.8 bn with an asset base of about N12.4 bn and 16 billion fully paid shares and issued share capital of N8 bn, it is well suited in its drive to command sizeable growth in the retail space with pocket-friendly top-on-the-line products, designed to include and satisfy low-income earners as well as artisans in various fields of endeavours.
Aiding it to attain its position is its fully computerized to drive excellence in service delivery, prompt claim settlements, and customer-centricity.