Finance

Unitrust posts N802.19m profit

Unitrust posts N802.19m profit

Unitrust Insurance Company Limited, in spite of the challenges posed by the COVID-19 pandemic, recorded an underwriting profit of N802.19 million and paid N1.8 billion claims in 2020, its Managing Director/Chief Executive Officer, John Ijerheime, has said.

Ijerheime noted that the company closed the year with a Gross Premium Written (GPW) of N3.98 billion, representing a year-on-year growth rate of 13 per cent during the corresponding period of 2019. Likewise, Profit After Tax (PAT) for the year stood at N747.17 million against recorded in 2019.

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“In the same vein, the company’s underwriting profit improved significantly as the total of N802.194 million from N 301.759 million reported in the 2019 financial year. The claims paid for the year was N1.08 billion,” he said.

He stated that against the backdrop of challenges that characterised the previous year, the company delivered an outstanding performance across key metrics.

“Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies. Yet, in the face of prevailing circumstances, the Company delivered impressive results during the year.

“Our business growth model is driven by structural analysis of our strengths, weaknesses, opportunity, and Threats (SWOT) for responsive bonding irrespective of the challenging situations. We have by this result, demonstrated our robust capacity and sustainable execution of our strategic growth plans,” he submitted.

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On 2021 half-year performance, he stated that as at July 31, 2021, the company had generated N3.7 billion premium, which was closed to what it did in the full year of 2020, adding that the firm anticipates closing the year with over N5 billion.

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He added that the firm had paid over N400 million claims this year.

Unitrust Insurance Company Limited is one of the leading general insurers in Nigeria with a track record of serving their clients that dates back over 35 years. Founded in 1981 whilst commencing service in 1986.

Sunnews

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