Business

SUNU Assurances pays N1.29bn claims

The Managing Director/ Chief Executive Officer, SUNU Assurances Nigeria Plc, Samuel Ogbodu, has said the underwriting firm recorded claims pay-out of N1.29 billion during the current year.

 

This is just as it has also completed the first phase of its recapitalisation plan by increasing shareholders’ fund to N6.61 billion in 2020 from N3.47 billion in 2019. Briefing the media in Lagos, he noted that the increase in shareholders’ fund represented a 90 per cent growth after share reconstruction and capital injection of N3.01 billion.

 

He also noted that the firm had continued to grow its market share, stressing that it would close the year 2020 with a premium of at least N3.15 billion, as against closing year 2019 with premium production of N2.24 billion, which represents a growth rate of 40 per cent due to the restructuring initiatives and strategic business transformation carried out in recent quarters to mitigate the effect of economic challenges.

 

Ogbodu maintained that the company’s underwriting profit grew to N1.22 billion in 2020 from N781 million in 2019, representing a growth of 56.2 per cent, which was due to improved technical efficiency in business operations.

 

According to him, bulk of the claims came from oil and gas and motor, adding that due to the firm’s prompt response to claims settlement, old and new policyholders have been flocking to the firm to underwrite their risks.

 

“We have continued to focus on our strategic strengthens, centred on our technologically differentiated service delivery and delivery and operation.

 

“We are also continued to focus our technologically differentiated service deliver and operations.

 

We are also bringing the company more in-like with initiatives that will delight our customers, which are geared towards being a customer-centric company with firm aspirations of achieving sustained and orderly growth in the coming years,” he said.

 

The SUNU boss maintained that the company was embarking on the growth phase while it remains committed to its strategic objectives and core values, which will also guide the future and culture of the company.

 

He maintained that the firm had concluded plans to inject N3.5 billion into its kitties through rights issue, which will be activated by March 2021.

 

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