SUNU Assurance pays shareholders 3kobo/share dividend

SUNU Assurances Nigeria Plc has delighted its shareholders with a 3 Kobo dividend per share of 50k ordinary share of the company.

The Chairman of the underwriting firm, Kyari Bukar, who announced the dividend payment at the firm’s Annual General Meeting (AGM) held in Lagos, stated that the dividend was paid in view of the impressive results recorded by the company.

He noted that the firm’s Gross Written Premium (GWP) increased to N5.77 billion in 2022 from N4.87 billion in 2021, adding that this represents a growth of N903 million in value and 18.5 percent in percentage terms while 94.5 percent of the full year budget of N6.11 billion was achieved due to adverse impact of macro-economic pressures in the country.

He said the claims paid reduced from N2.07 billion in 2021 to N1.47 billion in 2022 by 28.8 percent, which represented 93.1 percent of the paid claims budget for the year, stating that this was due to favourable claims experience during the year considering the non-occurring nature of the End-SARS violence.

Bukar noted that the net claims expenses increased by 41.4 percent to N1.21 billion in 2022 from N859 million in 2021, which was an overshoot of N261 million above N953 million budgeted for the year.

He submitted that environmental risks (Flood), fidelity guarantee, goods in transit and motor claims affected the performance adversely.

The underwriting profit, he said was N1.49 billion which represents 77.2 percent of N1.93 billion budget for the year and that the profit increased by 0.6 percent from N1.48 billion in 2021.

According to him, the company’s profit after tax for the year was N330 million which reflects an underperformance of the year’s budget of N399 million, but outperformed the N127 million profit made in 2021.

The Chairman maintained that the Board would continually articulate, implement and review the adequacy and effectiveness of the risk management and internal control system in line with Nigerian Code on Corporate Governance (NCCG) to manage its risks and opportunities and promote meaningful engagement with its stakeholders.

The Managing Director, SUNU Assurances, Samuel Ogbodu on his part appreciated the company’s valued shareholders for their continuous support.

He added that the company has put in place strategic plans to ensure sustainable growth while it promises more dividend in the next financial year.

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