SUNU Assurance PLC says it has recorded increase in it’s shareholders fund to N6.61 billion in 2020 from N3.47 billion in 2019, representing a 90% growth after shares reconstruction and capital injection of N3.01 billion.

The  company’s Managing Director /CEO, Mr. Samuel Ogbodu said yesterday that by this development, SUNU Assurance PLC has completed the first phase of its recapitalization plan within the stipulated time, in line with the company’s strategic business transformation plan to comply with N10 billion regulatory capital requirement for the operation of general business insurance in Nigeria.

Ogbodu said the firm would close the year with claims pay-out of N1.29 billion, while it’s underwriting profit grew to N1.22 billion in 2020 from N781 million in 2019, an amount representing a growth of 56.2%, which was due to improved technical efficiency in business operations. 

“As we are all aware of the current economic challenges faced by all sectors in Nigeria, which led to contraction in the second and third quarter Gross Domestic Product (GDP) of 2020 , SUNU Assurance has continued to grow its market share. 

“The company will close the year with a premium production of at least N3.15 billion in 2020 from a premium production of N2.24 billion in 2019 which represents a 40%,” he said.

He said the company would continue to focus on its strengths, centered on technologically differented service delivery and operation and that the firm was developing in-line with initiatives that would delight its customers ,which are geared towards being a customer-centric company with firm aspirations of achieving sustained and orderly growth in the coming years. 

“There is still much to do and the business challenges posed by the second wave of the pandemic might present difficulties and uncertainty in 2021. But SUNU Assurance Nigeria plc will ensure continuous improvement of service delivery to insuring public and we will come out stronger while the company rounds-up the execution of its recapitalization plans,” he said.