Unitrust Insurance records N802.19m underwriting profit, pays N1.8bn claims in 2020
Unitrust Insurance Company Limited, in spite the challenges posed by the COVID-19 pandemic, recorded an underwriting profit of N802.19 million and paid N1.8 billion claims in 2020.
The Managing Director/Chief Executive Officer, of the underwriting firm, John Ijerheime, disclosed this today during a courtesy visit by the executive of National Association of Insurance and Pension Correspondents (NAIPCO) to the firm’s head office in Lagos.
He noted that the company closed the year with a Gross Premium Written (GPW) of N3.98 billion, representing a year-on-year growth rate of 13 per cent when compared to the previous year.
Likewise, Profit After Tax (PAT) for the year stood at N747.17 million.
“In the same vein, the company’s underwriting profit improved significantly as the total profits of N802.194 million from N 301.759 million reported in the 2019 financial year. The claims paid for the year was N1.08 billion,” he said.
Ijerheime reiterated that against the backdrop of challenges that characterised the year, the company delivered an outstanding performance across key metrics.
“Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies. Yet, in the face of prevailing circumstances the Company delivered impressive results during the Year.
“Our business growth model is driven by structural analysis of our strengths, weaknesses, opportunity, and Threats (SWOT) for responsive bonding irrespective of the challenging situations. We have by this result, demonstrated our robust capacity and sustainable execution of our strategic growth plans,” he submitted.
On 2021 half year performance, he stated that as at July 31, 2021, the company had generated N3.7 billion premium, which was closed to what it did in the full year of 2020, adding that the firm anticipates closing the year with over N5 billion.
The Unitrust Insurance boss said the firm had paid over N400 million claims this year.
Chairman of NAIPCO, Chuks Udo Okonta, used the visit to abreast the management of the company of the initiatives adopted by the association to contribute immensely towards the development of insurance sector.
He spoke on the association’s flagship products, tagged profiling which include; product profiling, claims profiling, management profiling and advert to news initiative.
According to him, claims profiling helps in showcasing companies claims payment history for a period of five years, while product profiling focuses on the benefits of arrays of products paraded by companies and management profiling helps showcase the pedigree of individuals steering the affairs of companies.
The advert to news, he said, was developed to help the public understand fully the concepts of the contents of advertorials published by companies.