SUNU Assurances Nigeria Plc has completed the recapitalisation process required under the new insurance industry capital regime and is now looking to use its stronger financial position to expand across key segments of the Nigerian market.
The company disclosed this at its Annual General Meeting in Lagos, where shareholders praised the board and management for successfully completing the capital-raising exercise.
Chairman of the company, Kyari Bukar, said the board had adopted a proactive approach to recapitalisation by developing a detailed strategy and obtaining the necessary approvals from shareholders.
He said the successful completion of the exercise had strengthened the insurer’s ability to pursue growth opportunities while maintaining regulatory compliance and financial resilience.
With the new capital base, the company plans to increase its presence in the corporate, small and medium-sized enterprise, retail, brokerage and partnership markets.
Presenting the company’s financial results, the Managing Director and Chief Executive Officer, Samuel Ogbodu, said gross insurance revenue climbed by 41.1 per cent, rising from N15.3bn in 2024 to N21.6bn in 2025.
Gross premium written also increased by 30.05 per cent to N17bn, compared with N13.03bn in the previous year, while net premium income rose eight per cent to N9.06bn.
Despite the growth in revenue and premiums, the insurer’s profitability came under pressure from difficult economic conditions.
Ogbodu said high inflation increased the cost of providing insurance services, while fluctuations in the foreign exchange market and rising reinsurance treaty costs also weighed on earnings.
As a result, net profit declined to N1.53bn in 2025 from N3bn recorded in 2024.
The company, however, maintained a stronger balance sheet during the period. Total assets increased by more than four per cent to N24.38bn, while shareholders’ funds rose six per cent to N14.5bn.
Investment income also grew by 13.9 per cent, supported by favourable returns from institutional placements.
Bukar said the company was well positioned to pursue sustainable expansion following the recapitalisation, adding that the stronger capital position would enable SUNU Assurances to respond to emerging opportunities in the insurance market.
For 2026, Ogbodu said management would prioritise improving operational efficiency, strengthening claims management, expanding digital capabilities and developing products suited to both retail and corporate customers.
The AGM also featured calls from shareholders for stronger corporate governance and greater use of technology.
One shareholder, Chibuzor Godfrey, urged the board to put an effective succession plan in place ahead of Bukar’s departure before the next AGM.
Another shareholder, Esther Obideyi, encouraged the company to make more aggressive use of artificial intelligence to expand its distribution network and improve market reach.
Shareholders also commended management for its engagement with investors and the company’s record of settling claims promptly.
Following approval by the National Insurance Commission, SUNU Assurances announced the appointment of Lucie Barry and Roland Ouedraogo as non-executive directors, while Olayinka Adaramola was appointed Executive Director, Technical Operations.
