Universal Insurance reports N407.2m profit in nine months


Universal Insurance Plc has released its statements of comprehensive income for the period ended 30 September 2020 with a decline in gross premium written to N539.9 million in Q3 2020 from N596.44 million in 2019.

However, gross premium written for nine months rose to N2.86 billion from N1.54 billion in 2019.

The major player in Nigeria’s insurance sector had its profit after taxation drop sharply by 70.28per cent to N35.941 million in Q3 2020 from N120.917 million in 2019.

Profit for the nine months was stronger at N407.241 million, a 348.93 per cent improvement over N90.713 million in nine months 2019.