Universal Insurance grows premium to N4.1bn in Q1

Universal Insurance Plc, has said it recorded a total premium income of N 4.1 billion for the first half of 2022, which ended June 30.

The Managing Director/Chief Executive Officer, Universal Insurance Plc, Dr Benedict Ujoatuonu, stated this at the inauguration of the newly elected executive of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos.

Ujaotuonu, represented by the Company’s Secretary and Head of Corporate Communications Department, Universal Insurance, Mr Chinedu Onyilimba, said the figure was far above what was achieved in the whole of 2021.

He noted that despite the harsh economic environment, the company was poised to achieve and surpass its set target of N6.5 billion for 2022.

Ujoatuonu explained that the insurer generated a total premium income of N3.4 billion as at year end 2021 and paid N459 million as claims.

The Managing Director said the firm recorded a profit after tax of N796 million and paid total claims of N348 million for the second half of this year.

“Our aggressive deployment of technology, especially in driving our retail operations as well as our business expansion which led to opening of new branches, enlargement of our marketing units made this possible,” he stated.

According to him, the firm is expanding its investment and leveraging technology to drive its retail operations.

He said the underwriter would continue to expand its business to meet the target of making its products and services available to prospective customers across the nation.

“We are also expanding our investment in and deploying technology, especially in our retain operations, this will help us make our numerous tailor-made products accessible to the populace.

“We will continue to collaborate with NAIPCO to advance the course of insurance and pension industry in Nigeria.