SUNU Assurances Nigeria Plc has completed the first phase of its recapitalisation plan by increasing shareholders’ fund to N6.61 billion from N3.47 billion in 2019.
The Managing Director, Samuel Ogbodu, disclosed this at a press conference held at the company’s headquarters in Lagos.
Ogbudu said the increase in shareholders’ fund represents a 90 per cent growth after share reconstruction and capital injection of N3.01bn.
He further disclosed that despite the challenges faced, the firm has continued to grow its market share and will close the year with a premium production of at least N3.15bn.
He said this was against closing year 2019, with premium production of N2.24bn, which represented 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.
He further stated that the company would close the year with claims pay-out of N1.29bn in 2020, while its underwriting profit grew to N1.22bn in 2020 from N781 million in 2019, presenting a growth of 56.2 per cent, which was due to improved technical efficiency in business operations.
Ogbudu said: “The bulk of the claims came from oil and gas and motor.
“We are also continuing to focus our technologically differentiated service delivery 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.”
The SUNU chief said the firm has concluded plans to inject N3.5bn into its kitties through right issue by March 2021.
