SUNU Assurances Nigeria Plc recorded significant growth in its insurance business in 2025, although rising costs and foreign exchange pressures weighed on its bottom line.
SUNU Assurances Nigeria Plc increased its gross insurance revenue by 41.1 per cent to N21.6 billion in the 2025 financial year, up from N15.3 billion recorded a year earlier.
The company disclosed the figures at its Annual General Meeting, where management attributed the revenue growth to increased market penetration, portfolio expansion and disciplined underwriting.
Gross Premium Written (GPW) also rose by 30.05 per cent, climbing from N13.03 billion in 2024 to N17 billion in 2025. Net premium income increased by eight per cent to N9.06 billion.
Despite the improvement in its core insurance revenue, profitability declined during the period. SUNU reported a net profit of N1.53 billion, compared with approximately N3 billion in 2024.
Chairman of the company, Kyari Bukar, said the performance reflected the expansion of the insurer’s customer and business base despite a difficult economic environment marked by inflation, currency volatility and higher operating expenses.
Bukar explained that the stronger naira against the US dollar during the year contributed to foreign exchange losses, while a sharp decline in other operating income further affected earnings.
He noted that the pressure on profitability was also linked to higher claims-related and operating expenses, as well as currency and reinsurance pressures confronting the insurance industry.
Despite these challenges, the chairman said the company maintained a resilient financial position.
Total assets increased by more than four per cent to N24.38 billion, while shareholders’ funds rose by about six per cent to N14.5 billion.
Bukar also disclosed that the company had completed the recapitalisation exercise required under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to him, the stronger capital base would provide the platform for SUNU to pursue its growth strategy and strengthen its capacity to operate in the evolving insurance market.
Managing Director and Chief Executive Officer, Samuel Ogbodu, said the results demonstrated the resilience of the company’s underwriting business and operating model.
Ogbodu said SUNU remained committed to providing accessible and customer-focused insurance products while building a stronger foundation for sustainable growth.
He acknowledged that higher inflation, increased insurance service expenses, rising reinsurance treaty costs and foreign exchange movements put pressure on earnings during the year.
Looking ahead, the insurer plans to expand its presence across corporate, small and medium-sized enterprises, retail, broker and partnership channels.
Ogbodu said the company would also intensify its digital transformation efforts, improve claims and policy servicing, control operating expenses and introduce products tailored to the changing protection needs of Nigerians.
The company also plans to strengthen employee development, technical capabilities and leadership readiness while maintaining its focus on risk management and regulatory compliance.
At the meeting, shareholders approved the resolutions required to support SUNU’s recapitalisation and enable the company to meet the Minimum Capital Requirement set by the National Insurance Commission (NAICOM).
