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Saham Unitrust boosts gross premium with 28 per cent


Theophilus Danjuma

Saham Unitrust Insurance Nigeria Limited has recorded an increase in gross written premium by 28 per cent from N1.92 billion in 2016 to N2.48 billion in 2017 financial year.
This was disclosed in the firm’s 2017 audited financial statement, which was approved by the National Insurance Commission and accessed by The Guardian.
In the report, the company’s gross premium income also rose by 11 per cent from N2.08 billion in 2016 to N2.3 billion in the year under review, while profit after tax stood at N425.44 million in 2017, from N786.9 million in 2016 financial period.
It’s total asset also rose from N11.54 billion in 2016 to N12.75 billion in 2017 period, while its total liabilities was N4.9 billion from N4.02 billion in the period under review.
Saham Unitrust’s shareholder’s fund rose slightly from N7.52 billion in 2016 to N7.76 billion, while its solvency margin rose from N6.35 billion in 2016 to N6.8 billion in the period under review.
A further analysis showed that net claims expenses reduced to N291.94 million in 2017 from N355.2 million in 2016, while the underwriting expenses stood at N651.02 million in  the year under review from N458.59 million in the previous year.
In 2017, the company’s net operating result was N814.5 million from N1.3 billion, while the management expenses stood at N631.61 million from N447.53 million.
The Managing Director of the company, John Ijerheime, said that despite the challenges in the country’s economy, the company emerged with improved results compared to last year’s figures.
While reiterating his passion for excellent service delivery, he said that the company will continue to be prudent in the underwriting business, assuring that the company will always honour all genuine claims, as it has continued to ensure prompt claims settlement.
Ijerheime also assured the public that the company will continue to deploy cutting-edge technology to provide the best services in the insurance industry.

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