By Chiamaka Ajeamo
Universal Insurance Plc has said its Profit Before Tax (PBT) grew by 292 per cent to N637.9 million in the 2020 financial year ended 31 December.
The firm which disclosed this at its 51st annual general meeting held virtually in Lagos, noted that its PBT rose from a loss position of N322.8million in 2019 to N637.9 million for the period under review.
The event which was chaired by Tony Okocha, in place of the substantive Board Chairman, Joshua Dogonyaro, who passed on earlier in the year, also showed that profit after tax also went up from N70.6 million in 2019 to N624.6 million in 2020.
The Chairman added that despite a very daunting year, the company’s was committed to achieving its fair share of it’s budget as well as protect the company’s capital prudence.
Pursuing it’s budget target of N3 billion from initial budget of N4 billion as a result of COVID-19 challenges, the company achieved a gross written premium of N3,39 billion indicating about 82 per cent increase over N1.87 billion reported in the previous year.
Speaking on its performance in 2021, the Managing Director, Benedict Ujoatuonu, informed shareholders that the company received approval from NAICOM to write Agric insurance and micro insurance.
Ujoatuonu noted the approval has been received for eight new products and these new products according to him are expected to generate huge revenues for the company.
He added that one of the new products, KEKE PASS has been launched in Abuja and some states while there is an agreement to provide DRIVERS PASS for cab drivers.
He further explained that all the products are fully automated from buying of the products to claims management.
He revealed that the firm has complied with NAICOM’s set standards on cyber security and has gone further to set up a risk management unit as well as taken other steps to prevent fraudulent claims activities.