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Despite the harsh economic environment in the country, SUNU Assurances Nigeria Plc has sustained revenue growth in the third quarter of 2022, recording a 577 per cent rise in profit before tax.

Profit Before Tax rose to N374.728 million in Q3 2022 from N55.378 million recorded in Q3 2021, showing N319.350 million growth. In Q3 this year, the underwriter’s Gross Premium Written (GPW) and Gross Premium Income (GPI) stood at N4.62 billion and N3.86 billion respectively.

This shows an increase of N594.276 million in GPW and N698.027 million in GPI respectively representing 15 per cent and 22 per cent growth above Q3 2021.

Underwriting profit also increased to N1.297 billion in Q3, 2022 from N941.857 million in Q3 2021, representing N355.181 million or 38 per cent growth. This was a result of the increase in underwriting business for the period.

The company also fulfilled its obligation to clients with claims payment amounting to N1.14 billion in Q3 2022 as against N2.2 billion paid in Q3 2021.

Managing Director/CEO, Samuel Ogbodu, said the company was able to achieve impressive performance due to the massive support from the SUNU group, the Board of Directors, “our strategic investments in our greatest asset (human capital) our network, and knowledge of the market, the Nigerian economy; prompt settlement of all claims with discharge voucher (DV), robust reinsurance facility and our undaunting ability to drive our operation with technology.”

In addition, the company’s financial strength has grown sufficiently to accommodate any line of business we are licensed to underwrite. He said: “If a claim occurs, we take it seriously and make immediate plans after assessment to pay. If it is a motor claim, we send our in-house staff and if it’s a large claim, we send a loss adjuster to review it so that we take the necessary steps to effect payment as fast as possible. We pay claims within 48 hours after issuance of discharge voucher.”