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Determined to increase shareholders’ confidence in its business, Universal Insurance has delivered an outstanding performance for the financial year ending in December 2022, with profit for the year appreciating by 341 per cent, from N161,147 million in 2021 to N667,814 million.
Addressing shareholders at the 56th yearly general meeting in Lagos, the company’s Chairman, Jasper Osita Uduagwuike, said the underwriter delivered 63 per cent growth in gross premium written to N5.7 billion when compared to N3.473 billion reported in the previous year.
According to him, results for the financial year under review, which was read before the shareholders, showed that the company grew across all business lines, leading to a total outstanding 84 per cent increase in total revenue to N4.868 billion when compared to N2.644 billion recorded the previous year.
The company’s strength to take more risks is shown in the 84 per cent increase in earned premiums, which moved from N2.403 billion to N4.432 billion.
Notwithstanding the challenging operating environment, the group achieved a significant 320 per cent growth in profit before tax (PBT) to N682.177 million as against N162.234 million posted in 2021, while the group’s earnings per share was 3.87 kobo. The previous mark was 2.36 kobo.
The shareholder’s fund rose slightly by seven per cent, amounting to N9.7 billion compared to the previous year, while total assets appreciated to N12.4 billion at the end of the period under review.
Known for prompt claims payment, the insurer paid a total of N1.2 billion to its policyholders during the year under review.
The shareholders unanimously applauded the management and staff of the company led by Benedict Ujoatuonu for delivering unprecedented financials.
Speaking on behalf of the shareholders, Sunny Nwosu said: “I am impressed with what I see today, especially when you look at where the company was coming from in 2018. We appreciate the board and management of the company.
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