By Henry Uche
Universal Insurance Plc said it recorded gross premium written (GPW) of N3.5bn compared with the N3.4billion it recorded in the corresponding period of 2020, while its profit after tax (PAT) for the year 2021 stood at N151million as against N130.8million achieved in the previous year of 2020.
The company’s Chairman, Jasper Osita, made this known during its 52nd Annual General Meeting (AGM) in Lagos recently, stressed that the performance was a pointer to the resilience of its stakeholders to the corporate existence in seeing that the expectations are exceeded.
The Chairman also revealed that profit before tax (PBT) also appreciated from N140.6 million to N162.2 million in the year under review. More so the company showed further resilience by increasing its assets from N11.3bn to N12.3bn in 2021 while shareholders fund rose to N10bn when compared to N9.8bn in 2020.
Ostia said, “Our quest is to become one of the top players in the financial service sector of this economy. Our emergence as a one-stop-shop for the array of services we now offer through our retail outfits is in line with this quest,”
He assured that despite the difficult business environment the company remains auspicious, ever ready and equipped with dedicated board, management and staff that are willing and ensure that the fortunes of the company do not dwindle.
Similarly, the managing director/ CEO of Insurer, Benedict Ujoatuonu, professed that 2022 will be far better than the year under review. “As at the half year 2022 we have done more than what we did in the whole of 2021, despite the current situation of the country. We are hoping very strongly that the year 2022 will come out better,” he affirmed.
On its subsidiary, he said “The hotel which is our major subsidiary is working and already contributing to the revenue of the company. We removed the old management and contracted it out to hotel managers under monthly rental as a strategy to meet target” he maintained.
Reacting, its shareholders applauded the company for its strong financial performance despite the difficult operating business environment globally.
Speaking on behalf of shareholders, the former President of the Independent Shareholders Association of Nigeria (ISAN) Sunny Nwosu, expressed appreciation to the board and management for growing profit and improving the bottom line at a time when many other insurers recorded lower profit.
He said: “The result we see today is a testimony that things are changing for good. I commend the courage of the new chairman of the company for ensuring that things must be done properly. I have no doubt in this company especially when you look at the retail earnings. The company has been doing well in that area and needs to be encouraged to do more.”
Nwosu also gave thumbs- up to the core investor for its doggedness to ensure the company move forward. He noted that at the last AGM, ISAN gave the Chairman and management a matching order to ensure that the company soars, which was followed by the chairman’s assurance to see the company recapitalized.
“We need to encourage such investor. We have reputable insurance company and we must support them to make sure they meet all regulatory requirements of the recapitalization.” he added.
More so, the immediate past Publicity Secretary of ISAN, Mr. Moses Igbrude, commended the board of management for their performance even amid obvious difficulties in the business environment. He however urged the operators and the regulators to synergise and educate Nigerians on the need of insurance.
According to him, insurers must do more in deepening micro- insurance for financial inclusion, deeper penetration and sustaining the future of the industry.