The Independent Shareholders Association of Nigeria (ISAN) has praised Universal Insurance, an underwriting company, for its impressive financial performance in 2021 despite the difficult global business environment.
At the insurer’s 52nd annual general meeting in Lagos, the chairman association, Sir Sunny Nwosu, spoke on behalf of shareholders and thanked the board and management for improving the bottom line and growing profit at a time when many other insurers reported reduced profits.
He stated: “the financial performance is a testimony that things are changing. “ I commended the courage of the new chairman of the company for encouraging things must be done properly in the company.
“I have confidence in the company especially when you look at the retail earnings. The company has been doing well in that area and needs to encourage them to do more.
“All I need to tell today is that we have a reputable insurance company and we must support them to make sure they meet all regulatory requirements of the recapitalisation.”
Moses Igbrude, the association’s former publicity secretary, urged operators and regulators to work together to inform Nigerians about the value of insurance.
In order to promote financial inclusion, increase market penetration, and safeguard the industry’s future, he contends that insurers must do more to advance microinsurance.
The performance of the insurer in 2021, according to Universal Insurance Plc’s chairman Jasper Osita, is a sign of how resolute all of its stakeholders are to the company’s continued existence in ensuring that the expectation is fulfilled.
“Your company’s gross premium written of N3.5billion when compared with the N3.4billion recorded in the corresponding period of 2020.”
“Our profit for the year 2021 stood at N151million as against N130.8 million achieved in the previous year of 2020.”
“Our profit before tax also appreciated from N140.6 million to N162.2 million in the year under review,” he pointed out.
The company further demonstrated its resiliency by raising its assets from N11.3 billion to N12.3 billion in 2021 while increasing shareholder money from N9.8 billion to N10 billion.
Ostia said, looking to the future: “ 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 reaffirmed that despite the challenging business climate, the organization is prepared and has a committed board, management, and staff who are eager and ready to make sure that the fortunes of the company do not decline.
Benedict Ujoatuonu, managing director/CEO, said in a speech to shareholders that 2022 will be a tremendous improvement over the previous year.
He stated: “As of the half year 2022 we have done more than what we did in the whole of 2022 despite the current situation of the country. We are hoping very strongly too that the year 2022 will improve.”
