Universal Insurance Plc ended the 2020 financial year with a profit before tax of 292%.
The business’s PBT increased from a loss position of N322.8 million in 2019 to a profit position of N637.9 million in the year under review, according to the chairman of the company, Dr. Tyony Okocha, who spoke at the company’s 51st annual general meeting (AGM) conducted virtually in Lagos.
The occasion, which was presided over by Dr. Tyony Okocha in place of the substantive board chairman, Gen Joshua Dogonyaro, who died earlier this year, also disclosed that earnings after tax increased by the same amount from N70.6 million in 2019 to N624.6 million in 2020.
Despite a challenging year, he noted, the company remained dedicated to meeting its fair part of its budget and protecting the company’s capital prudence.
In addition, the company generated a gross written premium of N3.39 billion, an increase of 82 percent over the N1.8 billion reported in the previous financial year.
Mr. Ben Ujoatuonu, the managing director/CEO, informed shareholders that the company has acquired authorisation from the National Insurance Commission (NAICOM) to issue agric insurance and micro insurance plans in 2021. He also mentioned that NAICOM has given their clearance to eight new goods.
According to him, these new products will bring in a lot of money for the corporation.
He mentioned that one of the new products, the KEKE PASS, has been released in Abuja and several states, and that a deal has been reached to supply DRIVERS PASS to taxi drivers.