An underwriting firm, Universal Insurance Plc, has strengthened its market position, posting a 388 per cent rise in post-tax profit for the nine months ending September 2025.

The growth was driven by strong investment gains, sustained premium growth and tighter cost controls.
The insurer has reported a significant turnaround in its financial results for the nine months in September 2023, delivering robust profit growth.

According to the insurer’s financial statement, profit after tax rose to N1.13 billion, up from N230.6 million recorded in the same period of 2024, while profit before tax also increased sharply to N1.13 billion, compared with N232 million last year.

Gross written premium climbed 51 per cent year-on-year to N18.59 billion, up from N12.29 billion in 2024, reflecting stronger business acquisition and improved underwriting capacity.

Insurance revenue rose by 49 per cent to N14.68 billion, compared with N9.85 billion a year earlier. Despite a decline in insurance service results from N3.25 billion in 2024 to N1.13 billion in 2025, the company recorded a major rebound in investment income.

Investment and fair-value gain rose to N2.31 billion, reversing a loss of N753 million posted in 2024.