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ISAN applauds universal insurance over financial performance

By Bankole Orimisan
17 October 2022   |   3:25 am
Independent Shareholders Association of Nigeria (ISAN), has commended an underwriting firm, Universal Insurance for its strong financial performance in 2021, despite the challenging operating business environment globally.

Independent Shareholders Association of Nigeria (ISAN), has commended an underwriting firm, Universal Insurance for its strong financial performance in 2021, despite the challenging operating business environment globally.

Speaking on behalf of shareholders, at the insurer’s 52nd yearly general meeting in Lagos, the chairman association, Sir Sunny Nwosu, expressed his appreciation to the board and management for growing profit and improving the bottom line at a time when many other insurers recorded a lower profit.

He said: “the financial performance is a testimony that things are changing. “ I commended the courage of the new chairman of the company for encouraging things must be done properly in the company.

“I have confidence in the company especially when you look at the retail earnings. The company has been doing well in that area and needs to encourage them to do more.

“All I need to tell today is that we have a reputable insurance company and we must support them to make sure they meet all regulatory requirements of the recapitalisation.”

The past Publicity Secretary of the association, Moses Igbrude, urged the operators and the regulators to come together and educate Nigerians on the need for insurance.

According to him, insurers must do more in deepening micro-insurance for financial inclusion, deeper penetration, and sustaining the future of the industry.

Earlier, the chairman, of Universal Insurance Plc, Jasper Osita, told shareholders that the insurer’s performance in 2021 is a pointer to the resilience of all stakeholders to its corporate existence in seeing that the expectation is exceeded.

“Your company’s gross premium written of N3.5billion when compared with the N3.4billion recorded in the corresponding period of 2020.

Our profit for the year 2021 stood at N151million as against N130.8 million achieved in the previous year of 2020.

“Our profit before tax also appreciated from N140.6 million to N162.2 million in the year under review,” he pointed out. The company also showed further resilience by increasing its assets from N11.3billion to N12.3billion in 2021 while shareholders’ funds rose to N10 billion when compared to N9.8 billion in 2020.

Looking into the future, Ostia said “ our quest is to become one of the top players in the financial service sector of this economy. Our emergence as a one-stop shop for the array of services we now offer through our retail outfits is in line with this quest. “

He assured that despite the difficult business environment the company is ready and equipped with a dedicated board, management, and staff that are willing and ready to ensure that the fortunes of the company do not dwindle.

Addressing shareholders, the managing director/ CEO, Benedict Ujoatuonu, noted that 2022 will be far better than the year under review.

He said “As of the half year 2022 we have done more than what we did in the whole of 2022 despite the current situation of the country. We are hoping very strongly too that the year 2022 will improve.”