Universal Insurance Projects N100bn Premium Income in 5 years
Universal Insurance Plc, on Monday, projected N100 billion premium income in the next five years, following the trajectory laid in the last three years.
The Managing Director, Universal Insurance Plc, Mr Ben Ujoatuonu, disclosed this at a news conference in Lagos.
Ujoatuonu said: “Considering our trajectory in the last three years, we have consistently grown our premium income by 55 per cent to 60 per cent every year.
“If you take an average of the percentage growth on our premium income considering what we have done so far, in the next five years, universal will be writing N100 billion in premium income.
On bond insurance, the managing director noted that the company’s experience and expertise in bond insurance had helped to improve its underwriting skills on risk.
Speaking on the legacy he desired to leave behind, Ujoatuonu said he intended to be remembered for transforming the company into a strong and virile insurance company.
The News Agency reports that Universal Insurance grew its assets from N11 billion in 2022 to N17 billion in 2023.
The company’s premium income and profit for the financial year ended Dec. 31, 2023, also stood at N9.3 billion and N530 million respectively. #Universal Insurance Projects N100bn Premium Income in 5 years
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