Insurance

Universal Insurance records N624,65m PAT in 2020

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Chuks Udo Okonta

Universal Insurance Plc one of the frontline insurance firms has said it recorded a Profit After Tax (PAT) of N624,647 million at the end of financial year 31st December 2020.

Speaking at the 51st annual general meeting which held virtually in Lagos, the Chairman of the company said the firm’s Profit Before Tax (PBT) rose from a loss position of N322,863 million in 2019 to N637,949 million in the year under review.

The event which was chaired by Dr. Tony Okocha, who represented the substantive Board Chairman, Gen Joshua Dogonyaro who passed on earlier in the year, also revealed that profit after tax also went up from N70,642million in 2019 to N624,647 million in 2020.

He added that despite a very daunted year, the company was committed to achieving its fair share of budget as well as protect the company’s capital prudence.

Pursuing its budget target of N3 billion from initial budget of N4 billion as a result of COVID-19 challenges, the company achieved a gross written premium of N3,396 billion about 82 per cent increase over N1.870 billion reported in same financial year of 2019.

Speaking on its performance in 2021, the managing director Ben Ujoatuonu, informed shareholders that the company received approval from NAICOM to write Agric Insurance and Micro insurance.

He also announced that approval has been received from NAICOM for 8 new products.
These new products according to him are expected to generate huge revenues for the Company.

He noted that one of the new products, KEKE PASS has been launched in Abuja and some states while there is an agreement to provide DRIVERS PASS for cab drivers.

He also stated that all the products are fully automated from buying of the products to claims if any.

He added that company has complied with NAICOM’s set standards on cyber security and has went further to set up a risk management unit and taken other steps to prevent fraudulent claims.

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