How Universal Insurance grew gross premium to N3.5bn

By Tolulope Oke

The Chairman, Universal Insurance Plc, Jasper Osita, has said its gross premium rose to N3.5bn in 2021 financial period.

He said, “Your company’s gross premium written was N3.5bn when compared with the N3.4bn recorded in the corresponding period of 2020. Our profit after for the year 2021 stood at N151m as against N130.8m achieved in the previous year of 2020. Our profit before tax also appreciated from N140.6m to N162.2m in the year under review.

“The company also 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.”

He claimed that Universal’s performance in 2021 demonstrated the tenacity of all stakeholders in the company’s corporate existence in ensuring that the expectation was met at the company’s 52nd annual general meeting in Lagos.

• READ ALSO: Why I Will Vote For Peter Obi – Sheikh Gumi
• READ ALSO: VIDEO: El-Rufai threatens Peter Obi, Says…

Sunny Nwosu, a former president of the Independent Shareholders Association of Nigeria, thanked the board and management for boosting profits and boosting the company’s bottom line at a time when many other insurers reported decreased profit.

He said, “The result we see today is a testimony that things are changing. I praise the courage of the new chairman of the company for encouraging that things must be done properly in the company.”