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Chuks Udo Okonta
Unitrust Insurance Company Limited is pleased to announce its financial performance for the year ending December 31, 2023, recording insurance revenue of N6.9 billion.
The company achieved significant milestones across its financial metrics, reinforcing its position as a leading player in the insurance industry.
Following the adoption of the new IFRS 17 standards, the company reported Insurance Revenue of N6.9 billion, resulting in 30 per cent increase compared to N5.3 billion recorded in 2022.
This growth is attributed to improvement in service delivery, customer, and strategic expansion into new market segments.Profit Before Tax (PBT):
Unitrust successfully navigated the storming macroeconomics environment in 2023 by deploying cost optimisation and initiatives to deliver Profit Before Tax of N2.4 Billion and Profit After Tax of N1.7 billion from N178 million Profit Before Tax and N185 million Profit After Tax in 2022, showing a remarkable growth of 1,264 er cent and 858 per cent, respectively.
This robust performance is a testament to the operational efficiency and prudent investment strategies.
On claims payment, the firm noted that keeping to its commitment of delivering prompt settlement of claims, Unitrust paid N3.2 billion claims in 2023.
In 2023, Unitrust embarked on several strategic initiatives aimed at driving growth and enhancing customer experience and ensured commitment to sustainable business practices.
The Company is optimistic about future growth and committed to offering its numerous customers quality service delivery.
