Follow Us on Google
By Chiamaka Ajeamo
SUNU Assurances Nigeria Plc has said it recorded a Profit Before Taxation (PBT) of N313.4 million for the 2020 financial year as against a loss before taxation of N188 million in 2019.
The underwriting firm also recorded a growth in its gross written premium from N3.060 billion in 2019 to N4.209 billion in 2020.
The net claims incurred for the Group increased by 14 per cent from N658 million in 2019 to N752 million in 2020.
However, the underwriting profit grew by 38 per cent from N1.18 billion in 2019 to N1.63 billion in 2020. This was due to 34 per cent increase in total underwriting income from N2.42 billion in 2019 to N3.24 billion in 2020.
The Group operating expenses for 2020 stood at N1.846 billion, which was 3.5 per cent decrease when compared to 2019 figure of N1.913 billion.
The company said this decrease was a result of the Group’s deliberate strategy to improve its operational efficiency using information technology.
The investment income for the year amounted to N345.58 million, a decrease of 52 per cent over the 2019 figure of N719.53 million.
“This was attributed to the fall in investment rate on placements held with financial institutions and FGN Securities in most part of 2020 financial year when compared to 2019.”
Commenting on the result, the Chairman of the company, Kyari Abba Bukar, while presenting the results to shareholders at the 34th annual General Meeting in Lagos, said he was excited that the Group has returned to profitability during the year under review.
He disclosed that the company has proceeded with its plan to raise capital, noting that the Board of Directors in exercise of the mandate by shareholders mandated SUNU Participations Holding SA and SUNU Assurances Vie Cote D’Ivoire SA on behalf of the company to pay off the holders of all the JPY1,350,000,000 Zero Coupon Bonds 2026 issued by the company the sum of $7.8million, representing the outstanding indebtedness owed to the Bondholders by the company as at December 31, 2019.
