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

During the company’s 52nd annual general meeting in Lagos, he said Universal’s performance in 2021 showed the resilience of all stakeholders in its corporate existence in seeing that the expectation was exceeded.

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.

Former President of the Independent Shareholders Association of Nigeria, Sunny Nwosu, expressed his appreciation to the board and management for growing profits 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. I praise the courage of the new chairman of the company for encouraging that things must be done properly in the company.”

The immediate past Publicity Secretary, Independent Shareholders Association of Nigeria, Mr Moses Igbrude, commended the management’s performance.

According to him the company did well despite the difficulties in the business environment.

He however urged the operators and the regulators to come together and educate Nigerians on the need for insurance.

Addressing shareholders, the Managing Director/ Chief Executive Officer, Benedict Ujoatuonu, noted that the 2022 would be better by far than the year under review.

He said “As at 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 come out better.”

On its subsidiary, he said, “The hotel which is our major subsidiary is working and already contributing to the revenue of the company.”