SUNU Assurances posts N4.6bn gross premium in Q3

According to him, the performance is as a result of the increase in underwriting business for the period under review.

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SUNU Assurances Nigeria Plc on Monday said it recorded Gross Premium Written (GPW) of N4.62 billion and Gross Premium Income (GPI) of N3.86 billion in the third quarter.

The Managing Director of the insurance company, Mr Samuel Ogbodu, said this in a statement by Mr Japari Yusuf, Head, Corporate Services, in Lagos.

Ogbodu said the figure showed an increase of N594.276 million in the GPW and N698.027 million in the GPI.

This, he said, represented 15 per cent and 22 per cent growth respectively, above the third quarter results of the previous year.

Ogbodu stated that the insurer’s Profit Before Tax rose to N374.728 million in Q3 from N55.378 million in Q3 2021, indicating N319.350 million and 577 per cent growth.

He said the firm’s underwriting profit also increased to N1.297 billion in Q3, from N941.857 million in Q3 2021, representing N355.181 million or 38 per cent growth.

According to him, the performance is as a result of the increase in underwriting business for the period under review.

The managing director said the company paid claims amounting to N1.14 billion in Q3 as against N2.2 billion paid in Q3 2021.

“The company’s performance has improved tremendously in the third quarter 2022, compared with third quarter 2021 in spite of the harsh operating environment in the country.

“The underwriting firm also witnessed growth in the first and second quarters of 2022 when compared with the same period in 2021,” he said.

He added that the company had grown by more than 100 per cent between 2017 and September 2022.

He said the insurance company was able to achieve the impressive performance due to the massive support from the SUNU group, Board of Directors, strategic investments in human capital and network as well as knowledge of the market and the Nigerian economy.

Ogbodu mentioned other supporting factors to the company’s progress to include settlement of all claims with discharge voucher (DV), robust reinsurance facility and the firm’s undaunting ability to drive its operation with technology.

He said the company’s financial strength had grown sufficiently to accommodate any line of business it was licensed to underwrite.

The managing director said: “if claim occurs, we take it seriously and make immediate plans after assessment to pay.

“If it is a motor claim, we send our in-house staff and if it is a large claim, we send loss adjusters to review it so that we take necessary steps to effect payment as fast as possible.

“We pay claims within 48 hours after issuance of discharge voucher,” he said.

SUNU Assurances is a member of SUNU Group with over 20 insurance companies in 17 African countries.