Universal Insurance Plc has set an ambitious target of achieving a premium income of N20 billion for the 2024 financial year, as announced by Mr. Ben Ujoatuonu, Managing Director, during the 2023/2024 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos.

Amidst Nigeria’s harsh operating environment, Ujoatuonu expressed confidence in the company’s performance, noting positive growth across all key indices. He highlighted that Universal Insurance’s assets grew significantly from N11 billion in 2022 to N17 billion in 2023. For the 2023 financial year, the company reported a premium income of N9.3 billion and a profit exceeding N530 million.

“We exceeded our targets for 2023, achieving 98% of our projections including the opening of new branches,” Ujoatuonu remarked. “Looking ahead to 2024, our goal is to achieve a premium income of N20 billion. Presently, we are already at N9.3 billion in premium income and anticipate reaching our target by year-end. Our assets are expected to rise to approximately N17.5 billion, with shareholders’ funds increasing to N12 billion.”

Ujoatuonu credited Universal Insurance’s partnership with NAIPE for enhancing the company’s visibility and reputation in the market. He highlighted improved stakeholder relations, emphasizing the company’s commitment to meeting claims obligations and ensuring customer satisfaction.

“We are grateful for the support of NAIPE, which has significantly boosted our market presence. Our sustained relationship with brokers and stakeholders underscores our dedication to service excellence and efficient claims processing,” Ujoatuonu added.

He also announced the appointment of three new directors to Universal Insurance’s board, emphasizing their diverse expertise in driving business expansion and enhancing service delivery.

Founded on principles of resilience and customer-centricity, Universal Insurance Plc continues to navigate the complexities of the insurance industry, striving to meet the evolving needs of its clientele across Nigeria.