SUNU Assurances Nigeria Plc, a subsidiary of the SUNU Group, has reaffirmed its commitment to policyholders by paying a total of N3.28 billion in claims for the financial year ended December 31, 2024. This represents a 57.8% increase compared to N2.08 billion paid in 2023.
At the company’s 38th Annual General Meeting (AGM) held at the BWC Hotel, Victoria Island, Lagos, the Chairman, Kyari Abba Bukar, attributed this rise to the company’s focus on fulfilling its obligations and enhancing customer confidence.
The insurer also reported a profit after tax of N3.59 billion, up from N2.5 billion in 2023, driven by business expansion and the positive impact of the Federal Government’s foreign exchange policies.
Gross Written Premium (GWP) surged to N13.03 billion in 2024, marking a 59.6% increase from the N8.16 billion recorded in 2023. This growth also exceeded the company’s full-year budget of N10.16 billion, outperforming projections by 128.3%.
Speaking on the company’s future, Bukar said:
“Our strategic focus remains on deepening market penetration, expanding our product offerings, and driving profitability. We are committed to delivering value to shareholders while upholding our core values of integrity, innovation, and excellence. With the strength of our talented team and dedication to customer satisfaction, we are well-positioned to continue creating value for all stakeholders.”
Also addressing shareholders, Managing Director/CEO Samuel Ogbodu highlighted a 70% growth in net premium income, underscoring the company’s enhanced risk retention and management capabilities. He noted that the shareholders’ fund grew by 37.9%, further reinforcing the company’s capital base and regulatory resilience.
Ogbodu emphasized that strategic initiatives such as digital transformation, employee development, and product innovation played a vital role in improving operational efficiency and service quality throughout 2024.
Looking ahead to 2025, Ogbodu outlined three key focus areas:
1. Capital Recapitalization – as reflected in the company’s strengthening shareholders’ fund.
2. Operational Efficiency – particularly in streamlining claims management processes to ensure prompt settlements, maintain a low claims payout ratio, and boost profitability.
3. Market Expansion – through targeted marketing efforts and strategic partnerships.
He added that the company will continue to prioritize digital transformation to enhance customer experience and drive sustainable growth.
In recognition of its strong performance, the board of directors approved a dividend of 10 kobo per share on 50 kobo ordinary shares, scheduled for payment on Monday, June 16, 2025.
