An insurance firm, SUNU Assurances Nigeria Plc, said it has demonstrated strong performance by paying N3.28 billion in claims, highlighting its commitment to policyholders.

It equally posted a profit after tax of N3.59 billion, which it said reflects strategic financial management and operational efficiency.

Chairman of SUNU Assurances, Kyari Bukar, gave the figures during the company’s 38th yearly general meeting, where he said that the result marks a substantial 57.8 per cent increase from the N2.08 billion paid out in 2023, underscoring the company’s dedication to meeting its obligations despite economic challenges.

He said for the financial year 2024, the company’s gross written premium (GWP) reached N13.03 billion, an increase from N8.16 billion in 2023.

Bukar said the growth of N4.87 billion represented a 59.6 per cent rise and surpassed the full-year budget of N10.16 billion by 128.3 per cent.

Reviewing the company’s performance, the chairman said a significant resolution was the approval of the declaration of a dividend of 10 kobo per share on 50 kobo ordinary shares for the financial year ended December 31.

Bukar said the revenue growth was driven by several key factors, such as higher business renewals, which contributed to portfolio stability and expansion.