NSE Lifts Suspension on Universal Insurance

The Nigerian Stock Exchange (NSE) has lifted the suspension placed on trading the shares of the Universal Insurance Plc. This was announced on the NSE’s website recently. With this development, trading on the company’s shares would resume on the floor of the stock exchange forthwith as the dealing members have been duly informed.

The notification posted on the NSE website stated: “Universal Insurance Plc, one of the 11 companies that were suspended on July 2, 2019, has now filed its audited financial statements for the year ended 31 December 2018 with the exchange. “In view of the company’s submission of its audited financial statements and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: ‘the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange,’ dealing members are hereby notified that the suspension placed on trading on the shares of Universal Insurance Plc was lifted Wednesday, 7 August 2019.”

Universal Insurance Plc recently embarked on total restructuring and re-engineering of its operations and developed a full-fledged retail unit with requisite qualified personnel to man it. To drive its expansion and growth strategies, the company in addition, expanded its marketing team engaging highly qualified hands in both core marketing and retail units. This was disclosed by the Managing Director and Chief Executive Officer (MD/ CEO) of the Company, Mr. Ben Ujoatuonu, in a recent interview.

He further stated the company has been able to increase the numbers by growing premium income by over 130 per cent from N700million in 2017 to over N1.6billion in 2018.