UnityKapital’s premium income rises in two years

Defying challenging national and economic circumstances with strategic actions to deliver value to its stakeholders, UnityKapital Assurance has recorded an increase of 19.09 per cent in its net premium income.

Specifically, the company declared an increase of 4.49 per cent in gross premium income to N3.03 billion as against N2.9 billion in the preceding year, and 14.6 per cent in net premium income of N2.5 billion from N2.18 billion the previous year.

The Managing Director/Chief Executive Officer, Michael Dogo who disclosed this during the end of its 39th yearly general meeting in Abuja, said a profit after tax of N141.477 Million was recorded in 2014 and in 2015, the company recorded a gross premium income of N2.651 billion and a Net Premium Income of N2.09 billion.

To Dogo, “ a Profit After Tax of N340.503 million was the premium income for 2015 seems to be lower than the previous year, due to challenging national and economic circumstances. However, UnityKapital has repositioned itself to make mark on the Nigerian insurance industry”.

Explaining further, he said: “To expand on its retail market share, it has launched its free Insurance Mobile App on the Android and IOS operating systems which is a self-service insurance product that allows existing and prospective customers to purchase and manage their insurance policies from their smart phones at any location.

“Subscribers to the App will be given the opportunity to download software updates free, that will enable them get quotations for comprehensive motor polices, and purchase fire and personal accident insurance policies.

Speaking on the regulatory order imposed on the company in 2015, Dogo maintained: “We recognize that the NAICOM regulatory order stirred up rumours about our capacity and financial strength, but that order was done to quicken the pending divestment exercise.”

He therefore assured shareholders that UnityKapital was stronger than ever and expressed heartfelt appreciation to their clients, Insurance Brokers for their support, loyalty and understanding during the period.

“Our new board of directors embodies the core values of UnityKapital Assurance Plc. This will make up the very crème of Nigeria’s business society and will bring fresh perspectives to the organization”, he added.

He said the company was established to generate sustainable value for its shareholders through a relentless focus on meeting the needs of its customers, a proactive but disciplined approach to investing in the profitable growth opportunities.