SUNU Assurances Nigeria posts N4.62bn GPW in Q3 2022


* Pays N1.14bn claims

Leave a comment and share

Chuks Udo Okonta

SUNU Assurances Nigeria Plc’s performance has improved tremendously in the Third Quarter (Q3) 2022 compared with Third Quarter 2021 in spite of the harsh operating environment in the country.

SUNU Assurances Nigeria, one of the fastest growing underwriting firm in the country also witnessed growth in the First and Second Quarter of 2022 when compared with the same period in 2021. The company has grown by over 100 per cent between 2017 till date.

In Q3 2022, the company’s Gross Premium Written (GPW) and Gross Premium Income (GPI) stood at N4.62 billion and N3.86 billion respectively.

This shows an increase of N594.276 million in GPW and N698.027 million in GPI respectively representing 15 per cent and 22 per cent growth above Q3 2021.

In the same vein, Profit Before Tax rose to N374.728 million in Q3 2022 from N55.378 million recorded in Q3 2021. The profit grew by N319.350 million representing 577 per cent growth.

Underwriting profit also increased to N1.297 billion in Q3, 2022 from N941.857 million in Q3 2021, representing N355.181 million or 38 per cent growth. This was as a result of the increase in underwriting business for the period.

The company also fulfilled its obligation to clients with claims payment amounting to N1.14 billion in Q3 2022 as against N2.2 billion paid in Q3 2021.

The Managing Director of the company, Samuel Ogbodu said the company was able to achieve the impressive performance due to the massive support from the SUNU group, Board of Directors, our strategic investments in our greatest asset (human capital) our network and knowledge of the market, the Nigerian economy, prompt settlement of all claims with discharge voucher (DV), robust reinsurance facility and our undaunting ability to drive our operation with technology.

In addition, the company’s financial strength has grown sufficiently to accommodate any line of business we are licensed to underwrite.

He said: “If a claim occurs, we take it seriously and make immediate plans after assessment to pay. If it is a motor claim, we send our in-house staff and if it’s a large claim, we send loss adjuster to review it so that we take necessary steps to effect payment as fast as possible. We pay claims within 48 hours after issuance of discharge voucher.”

SUNU Assurances Nigeria Plc, is a member of the highly successful SUNU Group that has over 20 insurance companies in 17 African Countries and has over 558 million Euros worth of Assets under Management as well as 229 million Euros in Premium Income.

SUNU Assurances Nigeria Plc has the vision to be a leading African Insurance company and is on a mission to be an insurance company recognized for excellent client services, using cutting edge technology, motivated workforce and good business ethics to meet stakeholders’ expectations.

This is being driven by innovative service delivery, products development, cost management, customers experience and ensuring proper balance in all dealings.

Leave a Comment

Your email address will not be published. Required fields are marked *