Universal Insurance nets N624.6m profit

Universal Insurance Plc has announced a profit after tax of N624.6 million for the 2020 financial year, from N70.6m in the preceding year.

This was announced at the company’s 51st Annual General Meeting that was held virtually and chaired by Dr. Tony

Okocha, who stood in for the insurer’s chairman, Gen Joshua Dogonyaro, who passed on earlier in the year.

Dr. Okocha also revealed that the company’s profit before tax rose from a loss position of N322.8m in 2019 to N637.9m in the year under review.

He said the company achieved a gross premium of N3.3 billion, about 82 per cent increase over N1.8bn reported in the same period a year

earlier.

Speaking on its performance in 2021, the managing director, Mr. Benedict Ugochukwu Ujoatuonu, told shareholders that the company received approval from NAICOM to offer agric and micro insurance.

He also announced that approval has been received from NAICOM for eight new products which are expected to generate more revenue.