Universal Insurance Plc, Nigeria’s foremost insurance company, has recorded a total premium income of N 4.1 billion in the first half of 2022, but was optimistic to hit N6.5 billion by end of the financial year.
The figure, according to the company, is far above what was achieved in the whole of year 2021.
The company’s premium income at the end of 2021 stood at N3.4 billion; while a total sum of N459 million was paid as claims.
The Company’s report for second half of 2022 showed a profit after tax of N796 million and a total claims payment of N348 million.
The Managing Director/Chief Executive Officer, Universal Insurance Plc, Dr. Benedict Ujoatuonu, disclosed in his speech during the inauguration of the newly elected executives of the National Association of Insurance and Pension Correspondents (NAIPCO) which took place in Lagos sponsored by the company.
Dr. Ujaotuonu who was ably represented by the Company’s Secretary and Head, Corporate Communications Department, Chinedu Onyilimba, said the performance was made possible as a result of aggressive policy of driving our business development especially by providing special tailor-made products in the retail operations.
“Our aggressive deployment of technology, especially in driving our retail operations as well as our business expansion led to opening of new branches, enlargement of our marketing units, led to the engagement of new staff conttibuted to make this possible.”
He observed that the company is poised to drive, achieve and surpass the N6.5 billion target set for 2022 despite the harsh economic environment.
Dr. Ujaotuonu said the company, as part of its strategy, will continue in business expansion to meet the targets of making our products and services available to prospective customers across the nation, noting that the firm is expanding its investment and leveraging technology to drive retail operations.
“We are also expanding our investment and deploying technology especially in our retain operations that will help us make our numerous tailor-made products accessible to the insuring public” he said.
Dr. Ujaotuonu pledged his company’s commitment to continue to 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.