Universal Insurance Plc Premium Income Rises by 63% in 2023

Universal Insurance Plc, a non-life insurance provider that offers a wide range of insurance products designed to cover all aspects of businesses, has reported that its premium income increased by 63% to N9.4 billion in 2023, compared with the corresponding year, which settled at N5.7 billion in the 2022 FY. 

It was attributed to the fact that the insurance company recently registered insurance brokers to increase insurance popularity in the country. 

The managing director and CEO of Universal Insurance Plc, Ben Ujoatuonu, recently gave a speech at the April edition of the Nigerian Council of Registered Insurance Brokers (NCRIB) Members' Evening in Yaba, Lagos. He stated that while the Total Claim paid increased by 157% over the reviewed period, from N682.5 million to N1.7 billion, Universal Insurance Plc's Profit After Tax increased by 9%, from N619 million in 2022 to N675 million in 2023. 

In 2023, it was reported that Ujoatuonu donated N21.18 million to the community as part of its Corporate Social Responsibility (CSR), up from the previous N15.4 million donated in 2022. This indicates the influence that brokers have on the company and its operations.

"Claims payment remains our focal point and priority. At Universal, we strive to meet our claims obligations as and when they are due. We have consistently delighted our customers with prompt settlements of claims. This, to us, is the major reason why we are in business. I assure you that we will continue to grow our tempo in claims settlement," he assured brokers at the event. 

Speaking about the company's organic growth strategy, he disclosed that the firm had opened six branches in just over two years, the most recent in Yenogoa. He promised that more new branches would open this quarter, and in the meantime, the insurer is improving its online platforms to make business operations easier. 

In an earlier press release, Universal Insurance Plc's president, Prince Babatunde Oguntade, commended the company for organising the occasion and strengthening its reputation as one of the country's most broker-friendly underwriters. He also promised that the brokers would continue working with the host to raise the country's insurance penetration rate. 

He explained the impact of the current economic downturn on the nation's businesses, stating that the removal of subsidies at the start of this administration and the resulting harmonisation of the foreign exchange market with inflation are to blame. 

"It is no more news that the cost of goods and services has increased astronomically. The effect of these on our business cannot be underestimated. Unfortunately, when the economy was stable and okay, insurance products remained one of the last items in many household scales of needs. The overall situation warrants that the insurance industry and individuals brace for this challenge. 

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"While we are not condemning the various bold steps that the incumbent administration has taken to reshape the nation's economic landscape, it is expedient of us to urge the Government to fast-track the implementation of those policies that will bring relief to an average Nigerian," he pointed out. 

He stated that the welfare of Nigerians should not be politicised and that everyone should work together to ensure that the excellent policies that will pave the way for establishing a new Nigeria are implemented. 

About Universal Insurance Company Plc

Universal Insurance Company Plc is an insurance company in Nigeria licenced to cover all cases of non-life insurance for the individual, commercial, and institutional sectors. The company also offers banking products and services and risk management services. 

General insurance products cover motor, property, marine, accidents, engineering and contractors, bond, HCPI, oil and gas, guarantees and indemnities, and occupier's liability insurance. Commercial and institutional products cover all risks associated with the hospitality, construction, logistics, capital markets, and real estate sectors and financial coverage for accidents, theft, vandalism, and motor vehicle collisions. 

Universal Insurance Company Plc receives reinsurance support from the Swiss Reinsurance Company of Zurich. Established in 1961 and formerly known as Universal Insurance Company Limited (UNISURE), the company changed its name to Universal Insurance Company following its amalgamation with United Trust Assurance Company Limited, Oriental Insurance Company Limited, and African Safety Insurance Company Limited. Universal Insurance Plc has operations in Nigeria's major towns and cities. Its head office is in Lagos, Nigeria.