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Universal targets N10b capital to drive market expansion

By Bankole Orimisan
02 May 2022   |   3:33 am
Universal Insurance Plc has concluded a plan to raise its operational capital to N10 billion from the current N3 billion through the right issues for efficient market expansion in Nigeria.

Universal Insurance Plc has concluded a plan to raise its operational capital to N10 billion from the current N3 billion through the right issues for efficient market expansion in Nigeria.

This was the submission of the underwriter’s Managing Director/Chief Executive Officer, Dr. Ben Ujoatuonu, at the Members’ Evening with the Nigerian Council of Registered Insurance Brokers (NCRIB). He said the insurer needs just a little margin to meet the regulatory threshold of N10 billion.

Ujoatuonu noted that the company is already working with major shareholders to meet the new capital requirement just as he promised that the exercise would be concluded in time.

Ujoatuonu told the brokers: “Brokers/partners are critical stakeholders in our relationship and therefore deserve first-hand information about the exploits and growth. Our company has come this far as one of the oldest insurance companies in Nigeria that have operated for over 61 years following support from you, our partners, despite the harsh economic environment.

He said the company also relies on digitalisation to drive its processes towards the corporate goal of becoming one of the big players in the industry.

“We are one of the very few digitally-compliant companies in the market. We have a portal that is available to our customers and brokers to access our products and lodge claims from the comfort of their homes or office,” he said.