Universal Insurance Plc has posted a stellar performance for the 2024 financial year, recording a 291 per cent surge in profit before tax to ₦2.01 billion, driven by strong premium growth and disciplined underwriting.
At the company’s 55th Annual General Meeting in Lagos, the Chairman, Jasper Nduagwuike, said the impressive results underscored growing customer confidence in the insurer’s products and services.
Gross written premium rose 64.5 per cent to ₦15.3 billion, while insurance revenue jumped 72 per cent to ₦13.8 billion, compared to ₦8.02 billion in 2023. The firm credited the growth to its strategy of blending innovation with prudent risk management.
Profit before tax climbed from ₦526.72 million in 2023 to ₦2.01 billion, while insurance service results rose to ₦2.79 billion, up from ₦1.54 billion in the prior year.
On the balance sheet, total assets expanded 29 per cent to ₦20.3 billion, up from ₦15.7 billion in 2023, and shareholders’ funds grew from ₦10.4 billion to ₦13.2 billion, reflecting stronger financial resilience.
Looking ahead to 2025, the Managing Director, Dr. Jeff Duru, said the company would focus on operational efficiency, risk management, and sustainable investment strategies.
“Despite the prevailing challenges, we remain optimistic and ready to navigate uncertainties,” Duru said. “We are streamlining operations through automation and digitisation to cut costs and improve agility.”
He added that Universal Insurance would strengthen its risk management framework to better safeguard assets and adopt a diversified, long-term investment strategy that balances risk with returns.
“Our goal is to preserve capital, grow our portfolio, and continue delivering value to shareholders,” he said.
