SUNU Assurances reports 30% profit growth to N1.2billion

SUNU Assurances reports 30% profit growth to N1.2billion

SUNU Assurances Nigeria Plc has increased its profit by 30%

It went up from N914 million in the 2018 financial year to N1.189 billion in 2019. This is due to a decrease in net claims by 24 per cent from N.868 billion in 2018 to N.658 billion in 2019.

The chairman, Kyari Abba Bukar, who made this known at the physical/virtual 33rd Annual General Meeting (AGM) of the company, said its Audited Financial Statements and that of its subsidiaries for the year ended December 31, 2019, were approved by National Insurance Commission (NAICOM) via its letter dated March 9, 2020, within the deadline.

The SUNU Assurances Group increased its Gross Written Premium (GWP) by 0.4 per cent from N3.049 billion in 2018 to N3.060 billion in 2019.

This, according to the company, was due to its teams’ hard work, despite declining to underwrite some class of businesses because of regulatory pronouncements.

Also, the company’s investment income grew from N519.57 million in 2018 to N719.52 million.

SUNU Assurances showed paid claims worth N657.9million in the year under review.

He stated that despite the challenges facing the company, ranging from the bonds debt with its attendant huge financial cost, NAICOM’s previous penalty on offshore transactions, which has a yearly payment of N86.6 million till 2021, they were able to achieve a modest result in 2019 financial year.

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He said: “During the year, we were able to increase significantly our processes through improved operating efficiency, optimising our current assets and improving operating efficiency which is part of our strategy.

We also sought to create further value by developing the opportunities embedded in our existing operations which present the most attractive options for growth. We are always looking beyond our current operations for sustainable growth opportunities.

SUNU Assurances reports 30% profit growth to N1.2billion

“Going forward, we shall strive to operate our business with a sharp focus on efficiency, transparency and sustainable cost improvements,” he added. Shareholders lauded the Board and management for doing well.

Executive Chairman, GF Investment Group, Mr Ralph Osayameh who represented a shareholder, Dr Adelani Oniwinde, said the management had done well, especially in investment.

Another shareholder, Mr Mathew Akinlade said he was impressed with the level of disclosure which is more than what the Code of Corporate Governance requires, noting that other companies should share this as a model.