Insurer sails through the first phase of recapitalisation

SUNU Assurances Nigeria PLC has completed the first phase of its recapitalisation plan, increasing shareholders’ funds to N6.61 billion in 2020 from N3.47 billion in 2019.

The Managing Director/ Chief Executive Officer, Samuel Ogbodu, who spoke to The Guardian after a media briefing in Lagos, noted that the increase in shareholders’ fund represents a 90 per cent growth after share reconstruction and a capital injection of N3.01 billion.

He stressed that despite the economic challenges, the firm has continued to grow its market share. He said the firm would close the year with a premium accumulation of, at least, N3.15 billion as against N2.24 billion realised last year.

This represents a growth rate of 40 per cent. The growth is attributed to the restructuring initiatives and strategic business transformations carried out in recent times to mitigate the effect of economic challenges.

Ogbodu maintained that the company would close the year with claims pay-out of N1.29 billion while its underwriting profit has grown to N1.22 billion in 2020.

“We have continued to focus on our strategic strengths, centred on our technologically-differentiated service delivery and operation,” he said.