Universal Insurance Plc has predicted a premium income of N20 billion for the 2024 financial year.
This was disclosed by the Managing Director of Universal Insurance, Mr. Ben Ujoatuonu at the 2023/2024 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, according to Vanguard.
Ujoatuonu said the firm had accomplished 98% of everything it had set out to do in 2023.
He noted that the company made a profit of more than N530 million and concluded the year with a premium income of N9.3 billion.
He said “All that we set out to achieve for the end of the year 2023, we achieved 98% of them. The branches we intended to open, were opened and we expected to end the year with a premium income of about N10 billion. However, we ended the year with a premium income of N9.3 billion with a profit of over N530 million.
“This year 2024, we started with very high expectations. We are also looking forward to opening more branches in 2024. In 2024, we are projecting to end the year with a premium income of about N20 billion. As of today, we are doing about N9.3 billion in premium income. We are very optimistic that we are going to achieve it before the end of 2024.
“Our asset will also increase from N11 billion to about N17.5 billion and our shareholders fund will increase from about N9 billion to N12 billion. So all the indices for us are showing positive signs and we will continue to sustain it. At the end of the day, we are meeting our claims obligations and stakeholders are happy.”
