Universal Insurance Plc has announced its financial report for the 2024 financial year, which showed its profit before tax surged 291 per cent to N2.01bn, while its gross written premium also rose 64.5 per cent to N15.3bn.
This was revealed at its 55th Annual General Meeting held in Lagos, where the Chairman of the Board of Universal Insurance, Jasper Nduagwuike, remarked that the performance demonstrated that the company’s products were gaining traction with customers.
In the period under review, insurance revenue increased to N13.8bn in 2024, compared with N8.02bn reported in the previous year, representing a 72 per cent rise. The insurer attributed this feat to its ability to balance prudent underwriting with innovation, thereby ensuring that it meets customers’ needs while safeguarding long-term profitability.
Profit before tax rose 291.26 per cent to N2.01bn, compared with N526.72m in 2023, while insurance service results grew to N2.79bn from N1.54bn. On the company’s balance sheet, total assets expanded from N15.7bn in 2023 to N20.3bn in 2024, while shareholders’ funds increased to N13.2bn from N10.4bn in the previous year.
On its strategic focus for 2025, the Managing Director of the company, Dr Jeff Duru, said, “Despite the prevailing challenges, we remain optimistic and prepared to navigate uncertainties.”
He also listed operational efficiency, risk management, and investment strategy as the company’s key areas of focus in 2025.
Explaining further, he said, “Our company will be streamlining processes through automation, digitisation, and lean practices to reduce costs and enhance agility. In 2025, we will strengthen our risk management framework to proactively identify and mitigate risks while safeguarding assets and protecting shareholder value.” On the investment strategy, Duru said, “We will implement a prudent, diversified, and long-term investment approach that balances risk and returns, ensuring both capital preservation and portfolio growth.”
