SUNU Assurance Plc projects 36.4% percent increase in its gross written premium for the fourth quarter (Q4) 2020 aiming at N3.06bn, expected increase of 89.7% over 2019 at N2.24 bn.
SUNU’s release to The Nigerian Stock Exchange set product at 21.6%, 21.8%, 12.0%, 20.6%, 5.9%, 15.5% and 4.0% for Fire, oil & gas, marine, motor, engineering, general accident and aviation respectively.
The insurer said that its investment income from treasury bills was the actual income expected from the redemption of the bills; Interest on short term instruments set at an average of 6% and interest on CBN deposit at 5%. Reinsurance expenses would be at an average of 29.7% of gross premium income.
Having based its projections on growth of various product lines and the capacity of the various lines of treaties for the year, the underwriting expenses projections would fall into: Commission put at 20.1% of outward reinsurance cost while Commission expenses projection would close at 18.9% of gross premium Income.
The company set the net claim at 20.8% of net premium income, by in putting of claims recovered from reinsurers, salvages and adjustment for outstanding claims. Meanwhile, maintenance cost would climax at 3,6% of gross written premium while accretion to contingency reserve is tied to 3% of gross premium written..
Equity Resort Hotel investment by the year end the company expects, would register a loss of N29m while conversion of daewoo debt of N2.989b into equity was passed during the Extra Ordinary General Meeting.
The forecast also shows that share reconstruction of the company share capital by the deletion of 4 for every 5 held was projected to take place during fourth quarter.
