Universal Insurance Plc sets N20b premium income target for 2024

Universal Insurance Plc has unveiled an ambitious target to achieve a premium income of N20 billion by the end of the 2024 financial year. This announcement was made by the Managing Director, Ben Ujoatuonu, during the 2024 Annual General Meeting of the Nigerian Association of Insurance and Pension Editors (NAIPE), hosted in Lagos.

Despite the prevailing challenges in the operating environment, Ujoatuonu expressed optimism about the company’s growth trajectory.

“All the company’s indices are showing positive signs, and we will continue to sustain the tempo,” he stated, highlighting the firm’s impressive growth in assets from N11 billion in 2022 to N17 billion in 2023.

Reflecting on the previous year’s performance, Ujoatuonu said, “I was here last year to brief NAIPE on what we have done, our projections, and what we intended to do. I am pleased to report that we achieved 98 percent of our targets for 2023. We opened the intended branches and concluded the year with a premium income of N9.3 billion and a profit exceeding N530 million.”

Looking ahead to 2024, Universal Insurance Plc is setting high expectations. “We are projecting to end the year with a premium income of about N20 billion. Currently, we are at N9.3 billion in premium income, and we are very optimistic about achieving our target before the end of 2024,” Ujoatuonu added.

The company’s asset base is also set to expand significantly, with projections indicating an increase from N11 billion to approximately N17.5 billion. Similarly, the shareholders’ fund is expected to grow from N9 billion to N12 billion. “These positive indicators are a testament to our robust growth strategy and our commitment to sustaining it,” Ujoatuonu emphasized.

Universal Insurance’s partnership with NAIPE has been instrumental in this growth. Ujoatuonu acknowledged the association’s role, stating, “For many years, one of our challenges was market visibility. People often asked if Universal was still in existence. Today, thanks to NAIPE’s support, our brand is well-recognized, and people are eager to associate with us. This partnership has significantly enhanced our market presence.”

The company’s enhanced visibility has facilitated numerous partnerships across various states and groups, promising to add substantial value. “We are meeting our claims obligations, and stakeholders are satisfied. The Nigerian Council of Registered Insurance Brokers (NCRIB) has endorsed Universal Insurance as a reliable company for service delivery and claims payment,” Ujoatuonu noted, underscoring the company’s solid relationship with brokers.

In a strategic move to bolster its governance and business generation capabilities, Universal Insurance has recently inducted three new directors with diverse backgrounds and extensive experience into its board. Ujoatuonu expressed confidence that these new appointments would drive further value creation and business expansion.

Ujoatuonu expressed gratitude for the ongoing partnership with NAIPE. “This collaboration allows us to share our progress and plans with the public, ensuring they benefit from the good things emerging from Universal Insurance. We are deeply appreciative of this partnership and the opportunity to communicate our achievements and aspirations.”