Universal Insurance records N9.34bn gross premium written

UNIVERSAL Insurance PLC said it achieved a good performance in its unaudited financial year report ended December 31, 2023, recording an impressive growth across all key performance metrics.

It reported that its gross premium written (GPW) appreciated to N9.34 billion from N5.66 billion recorded in 2022, showing a 64 percent growth.

The unaudited 2023 financials, filed by the insurer on the floor of the Nigerian Exchange Limited (NGX), showed that despite the highly challenging global economic and business environment, the firm grew Profit Before Tax (PBT) to N1.78 billion in 2023, compared to N534.668 million achieved in the same period of 2022, representing a growth of 234.6 percent.

A breakdown of the result shows that Profit After Tax (PAT) rose to N1.76 billion from N529.268 million, a 232.6 percent increase.

Also, the company’s underwriting profit went up to N3.23 billion from N1.73 billion in 2022, showing a 86.4 percent growth.

The report shows that Universal Insurance Plc balance sheet was further strengthened with total assets rising to N15.07 billion, representing a 23 percent increase from N12.17 billion recorded in 2022.

Following similar trend, the investment incomes, according to the company, rose by 20.68 percent to N183,556 million from N152,100 million recorded in 2022, while net income further rose by 82 percent to N3.417 billion from N1.886 billion in 2022 and earnings per share jumped to 11.00 kobo when compared to 3.31 kobo recorded in 2022.

Universal Insurance Plc is one of the nation’s largest personal lines insurer with over N15 billion in assets and it sells eight major lines of insurance, including auto, property and commercial.

The insurer is widely known for providing peace of mind to its clients and enriching their quality of life through partnership in the management of the risks they face.