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By Henry Uche
Universal Insurance Plc has said that its Gross Written Premium rose by 64.5% to N15.3billion in 2024, from N9.3billion recorded in 2023.
Speaking during the company’s 55th Annual General Meeting (AGM), held in Lagos recently, Chairman of the company, Mr. Jasper Nduagwuike, underlined that, despite the harsh economic business environment, the Company’s products are gaining traction and our customers kept trusting its services.
The Chairman affirmed that the insurance revenue appreciated to N13.8 billion in 2024 as against N8.02 billion reported in the year 2023, representing 72% increase. He attributed the feats to the company’s ability to balance prudent underwriting with innovation and ensuring it meets the needs of customers while safeguarding long-term profitability.
Shareholders were told that their Profit Before Tax (PBT) rose by 291.26% to N2.01 billion as against N526.716 million in 2023, while insurance service result grew to N2.79 billion from N1.54 billion.
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On the company’s balance sheet, he said total assets appreciated from N15.7 billion in 2023 to N20.3 billion in 2024, while Shareholders’ fund went up from N10.4 billion to N 13.2 billionI recorded in 2023.
Still counting on 2025, the Managing Director of the company, Dr. Jeff Duru, lent his voice: “despite the prevailing challenges, we remain optimistic and prepared to navigate uncertainties.”
He highlighted that the company has not lose sight of ‘Operational efficiency; risk management and investment strategy as its top priorities in the year under review.
“Our company will be streamlining, processes through automation, digitization, and lean practices to reduce costs and enhance agility. In the remaining days of this year, we will strengthen our risk management framework to proactively identify and mitigate risks.
On investment Strategy, he said “Implementing a prudent, diversified, and long-term investment approach that balances risk and returns, ensuring both capital presentation and portfolio growth” he disclosed.
