Insurance

Universal Insurance posts premium income of N4.1 billion and deepens retail market

Universal Insurance Plc recorded premium income of N4.1 billion in the first half of 2022 ended June 30, 2022.

The figure, according to the company, is well above what was achieved in the whole of 2021.

The company’s premium income at the end of 2021 stood at N3.4 billion; while a total sum of N459 million was paid as claims.

The company’s report for the second half of 2022 showed after-tax profit of N796 million and total claims paid of N348 million.

Managing Director/Chief Executive Officer, Universal Insurance Plc, Dr. Benedict Ujoatuonu during the official inauguration of the newly elected officers of the National Association of Insurance and Pension Correspondents (NAIPCO) which took place in Lagos this weekend, pointed out that the company has a mandate to deepen insurance penetration in the retail market.
Ujaotuonu, who was ably represented on the occasion by company secretary and head of the corporate communications department, Chinedu Onyilimba, said the performance was made possible through aggressive measures to boost his business development, including by providing special bespoke products in their retail operations.
“Our aggressive deployment of technology, particularly in the conduct of our retail operations as well as our business expansion which has led to the opening of new branches, the expansion of our marketing units which has also led to the engagement of new employees made this possible,” said the CEO. declared.
He said the company is on track to drive, meet and surpass its 6.5 billion naira target set for 2022 despite a tough economic environment.
Ujaotuonu said that the company, as part of its strategy, will continue its business expansion to achieve its goal of making its products and services available to its potential customers across the country, noting that the company is expanding its investments and leveraging technology to conduct its retail business.
“We are also increasing our investments and deploying technology, particularly in our conservation operations, this will help us make our many bespoke products accessible to the people,” he said.
He pledged his company’s commitment to continue working with NAIPCO to advance the course of the insurance and pension industry in the country.
The inauguration of NAIPCO’s new leaders was jointly sponsored by Universal Insurance Plc, Anchor Insurance Limited and Sovereign Trust Insurance Plc.