Shareholders of SUNU Assurances Nigeria Plc, a member of SUNU Group, at its 38th Annual General Meeting (AGM), approved key resolutions, including the payment of a dividend for the 2024 financial year.
The approval of the declared dividend of 10k per share on 50k ordinary shares is scheduled for payment on Monday, 16 June 2025.
At the AGM, shareholders received and considered the Consolidated Audited Financial Statements of the company and its subsidiaries for the year ended 31 December 2024, along with reports from the directors, audit committee, external auditors and regulators.
For the financial year 2024, SUNU Assurances Nigeria Plc demonstrated strong performance by paying ₦3.28 billion in claims, highlighting its commitment to policyholders. The company also posted a commendable profit after tax of ₦3.59 billion, reflecting strategic financial management and operational efficiency.
This result marks a substantial 57.8 per cent increase from the ₦2.08 billion paid out in 2023, underscoring the company’s dedication to meeting its obligations despite economic challenges.
The company’s Gross Written Premium (GWP) for the year 2024 reached ₦13.03 billion, a significant increase from ₦8.16 billion in 2023. This growth of ₦4.87 billion, representing a 59.6 per cent rise, also surpassed the full-year budget of ₦10.16 billion by an impressive 128.3 per cent.
Chairman of SUNU Assurances, Mr Kyari Abba Bukar, in his statement, said the impressive revenue growth was driven by several key factors such as higher business renewals, contributing to portfolio stability and expansion.
Mr Bukar said other factors are increase in motor insurance premium rates, boosting revenue from this segment, growth in the number of insured vehicles, expanding customer base and favourable foreign exchange movements, positively impacting underwriting results.
Further key decisions made at the AGM included the re-election of Mrs Olajumoke Bakare and Hajiya Aisha Abubakar, who retired by rotation and were eligible for re-election.
The Board of Directors was authorised to fix the remuneration of the external auditors, and the remuneration of the company’s managers. Shareholders also elected their representatives to the audit committee, who will hold office until the date of the next Annual General Meeting.
In compliance with Rule 20.8(a) of the Nigerian Exchange Limited, shareholders considered and passed an ordinary resolution granting the company a general mandate to enter into recurrent transactions with related parties for its day-to-day operations on normal commercial terms. This mandate will commence from the date of the resolution and continue to operate until the date of the next Annual General Meeting.
“We are delighted to have successfully concluded our 38th Annual General Meeting. The approval of the dividend for the 2024 financial year reflects our commitment to delivering value to our shareholders and underscores our robust financial performance. This meeting was a vital platform for engaging with our esteemed shareholders, reinforcing our dedication to transparency and strong corporate governance. We look forward to building on these achievements and driving sustainable growth in the coming year,” Mr Samuel Ogbodu, MD/CEO, SUNU Assurances Plc.
Expressing his delight at the company’s performance, Mr William Adebayo, a shareholder, stated, “I’m glad to see a dividend of 10k per share, a truly great return on investment. Kudos to the management team for their hard work and strategic decisions that have brought us this success.”
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