Saham Unitrust Insurance Nigeria Limited, has posted a 27 per cent increase in its gross written premium to the tune of N3.16 billion in December 2018 as against N2.48 billion recorded in the same period of 2017.
This is was disclosed in the company’s 2018 financial report approved by the regulatory authority of the insurance industry, the National Insurance Commission, (NAICOM).
The company attributed that the increase in its level of activity majorly to strategic partnership and market drive, adding that, its profit before tax stood at N806.18m at the end of 2018 from N818.04 million at the end of 2017, while its profit after tax rose to N759.9 million from N427.6 million.
The firm’s underwriting profit stood at N220.2million in the period under review from N303.79million in the corresponding period of 2017 while the gross earnings rose to N4.5 billion at the end of December 31, 2018 from N3.6 billion in 2017.
The group shareholders’ fund stood at N11.1 billion in 2018 and its net claims expenses rose by 73 per cent to N505.1 million in 2018 from N291.9 million in 2017, attesting to its ability to continue to promptly respond to the claims demands of its clients.
Saham Unitrust stated that it would continue to intensify its efforts to ensure that investment income remained a key revenue source and that its investment was in accordance with its investment policy, which compliant with regulatory requirements.
The report said, “The group’s approach to managing capital involves managing assets, liabilities and risks in a coordinated way, assessing shortfalls between reported and required capital level on a regular basis and taking appropriate actions to influence the capital position of the group in the light of changes in economic conditions and risk characteristics.”
While reiterating its passion for excellent service delivery, the Managing Director, John Ijerheime, said that the company will continue to be prudent in underwriting businesses.