By Henry Uche
Universal Insurance Plc gross premium written (GPW) has hit N9.34bn from N5.66bn in 2022, indicating a 64 percent growth. This was contained in its unaudited financial year ended 31, December 2023.
The unaudited 2023 financials, filed by the insurer on the floor of the Nigerian Exchange Limited (NGX), showed that despite the highly challenging global economic and business environment, the company grew Profit Before Tax (PBT) to N1.78bn in 2023, when compared to N534,668 million achieved the same period of 2022, indicating a growth of 234.6 percent.
Breakdown of the result shows that Profit After Tax (PAT) rose to N1.76bn, from N529,268 million, a 232.6 percent increase. In the period under review, the Company recorded underwriting profit of N3.23bn from N1.73bn in 2022, indicating a 86.4 percent growth.
Its balance sheet was further strengthened with total assets rising to N15.07bn, a 23 percent increase from N12.17bn in 2022. The investment income according to the company rose by 20.68 percent to N183,556 million to N152,100 million in 2022
Net income further rose by 82 percent to N3.417bn from N1.886bn in 2022, while earnings per share rose to 11.00 Kobo when compared to 3.31 Kobo achieved in 2022.
Known for providing peace of mind to our clients and enriching their quality of life through partnership in the management of the risks, its one of among the personal lines insurers with over N15bn in assets, selling eight major lines of insurance, including auto, property and commercial.