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Tag: Universal Insurance

  • Insurance firm outlines 2026 plans

    Insurance firm outlines 2026 plans

     Universal Insurance has announced its priorities for 2026, with a focus on driving growth. Managing Director/Chief Executive Officer, Dr. Japhet Duru, spoke at the 2026 Annual Thanksgiving in Lagos.

    He highlighted the firm’s strategic focus, including enhancing digital capabilities to improve customer experience, expanding product offerings to meet client needs, and strengthening partnerships to drive growth and innovation.

    “We’re excited about opportunities ahead and are dedicated to being a trusted partner in protecting what matters most to our clients.” The firm also pledged to further strengthen its operational capacity in 2026.

    Urging staff to remain committed to the company’s core values, Duru said: “As a team, we must deliver services to our clients with integrity and reliability. Customer satisfaction through professionalism and prompt settlement of genuine claims is our top priority.”

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    Reflecting on 2025, he noted: “We achieved significant milestones, including expanding our product portfolio, enhancing digital services, and strengthening our presence in key markets. These underscore our commitment to delivering value to our clients and stakeholders.”

    He said the company is not resting, rather it has come with an agenda focused on innovation, customer-centric solutions, and sustainable growth.

    On recapitalisation, Duru confirmed that efforts are underway to ensure successful recapitalisation, and emphasised that the company will continue to expand its footprint in the insurance sector.

  • Universal Insurance gets stable outlook rating

    Universal Insurance gets stable outlook rating

    Agusto & Co. has assigned a “Bbb-” long-term rating to Universal Insurance Plc, reflecting the company’s long operating history, improved profitability, low loss ratio, moderate liquidity position and effective deployment of digital initiatives.

    The rating agency noted that Universal Insurance ability to maintain a solvency margin of 184.9 per cent, well above Agusto & Co.’s minimum threshold of 100 per cent, indicates a strong capacity to support its underwriting activities.

    The strong growth according to Agusto was driven by initiatives aimed at deepening relationships with customers and insurance brokers, alongside improvements in customer experience through digital platforms.

    It noted that as at 31 December 2024, Universal Insurance’s shareholders’ funds stood at N13.2 billion, representing a 27 per cent year-on-year increase, supported by full profit retention.

    The company maintained a sound insurance revenue of N13.8 billion, representing a 71.9 per cent increase from the prior year.

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    The company’s reinsurance arrangements were tested in 2024 amid a spike in claims from the oil and gas segment. Gross claims more than doubled to N3.6 billion, but reinsurance recoveries reduced net claims by 48 per cent to N2.3 billion. As a result, the average loss ratio improved by 220 basis points to 14.7 per cent, significantly better than the 33.1 per cent industry average.

    It noted that the company’s investment portfolio grew by 14.5 per cent to N10.5 billion at the end of 2024.

    Operating cash flow strengthened significantly in 2024, rising 98.4 per cent to N3.1 billion, supported by higher premium collections and reinsurance recoveries. This covered liabilities for incurred claims 1.5 times, outperforming the industry average. However, liquidity metrics remained broadly stable due to an increase in estimated claims liabilities.

    Improved underwriting performance and favourable portfolio valuations helped drive profit before tax to N2.1 billion, up sharply from N526.7 million in 2023.

    Pre-tax return on assets and equity improved to 11.4 per cent and 17.4 per cent, respectively, although both remained below industry averages.

    Claims payments in early 2025 moderated performance, but expected reinsurance recoveries are projected to support a rebound in profitability for the full year.

    Based on these factors, Agusto & Co. assigned a stable outlook to Universal Insurance Plc’s ratings, reflecting expectations that improved underwriting discipline, successful capital raising and enhanced digital capabilities will support the company’s financial profile over the medium term.

    Commenting, Dr. Jeff Duru, Managing Director/ CEO of Universal Insurance Plc, said “We acknowledge the recent “Bbb-” credit rating assigned to our company. It is indeed a reflection of hard work and the current macroeconomic environment and the ongoing investments we are making to support long-term growth and resilience.

    “We are fully focused on strengthening our balance sheet, improving operating efficiency, and executing initiatives that we believe will enhance the metrics of our credit standing over time. Management remains committed to maintaining transparent communication with our stakeholders and to delivering sustainable value for shareholders including customers and employees.”

  • Universal Insurance genertes N15.25b premium

    Universal Insurance genertes N15.25b premium

    • Profit soars to N2.8b

    Universal Insurance Plc posted a Gross Written Premium (GWP) of N15.25 billion in the year ended December 31, 2024, the Managing Director/CEO of the company, Dr. Jeff Duru, has said.

    Duru made this known to reporters in Lagos.

    He stated as at the first quarter of this year, the company achieved a GWP of N8.07 billion, above 100 per cent higher than the target for the quarter.

    He said: “Last year, we recorded N15.25 billion in Gross Written Premium (GWP) and profits after tax of N2.8 billion. Our shareholders’ fund as at the first quarter is in the neighbourhood of N16.4 billion when compared to N13.25 billion reported last year.

    “We are charged to serve the public better to make them have that experience. Our claim payment is  top-notch. Our services are top-notch. We are fully computerised. All our personal line products are digitised.

    “You can go through our website, access our products, get your quotes and make payment, and you can also initiate claim payment and we follow it up at the backend.

    “Universal insurance has come to stay and to serve the industry, give them peace of mind, give them an excellent customer experience. That is what we are doing. As at the first quarter, we have produced N8.07 billion in terms of GWP, and that was about 130 per cent of our first quarter target.’’

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     We are progressive, we are highly innovative, and bring insurance to the doorstep of our customers, with seamless operations, accessibility and affordability. Our products are highly affordable. You can try us and you will get the best service with peace of mind.”

    On products and initiatives, Duru said: “Our initiatives and products include shop insurance cover. The shop insurance cover was designed for shop owners and businessmen that operate businesses at a small and medium enterprise (SME) level. It provides them with fire insurance cover, burglary, cover for personal injury and alternative accommodation during relocation.

    “We have OkadaPass. This product was designed for companies, organisations that are into delivery, people that deliver products and services through bikes. It’s an online or digital service provision for the delivery business. It covers the bike, the rider and the package, because the package can be of great value to the service providers and personal injury to the riders. Our initiatives also include our digital customer portal, mobile app through which our customers can access our products, get quotes, initiate renewals, and initiate claims.

    “We have our digital chatbot or Artificial Intelligence (AI) driven chatbot and visual assistant. That is 24/7 services that will take the position of our service centers at any point in time. Our chatbot will deliver fantastic experiences to the customers both chat and voice services.

    “We have our digital pre and post loss survey, especially for motor vehicles. Now the manual intervention in surveying or inspecting vehicles is no longer there, once you want to insure your vehicle. Our  survey team will deploy the digital portal for the AI driven portal to you through your phone, and you will use your phone to do the physical inspection of your vehicle. Even when there is a claim, it will still be deployed to use it to do your inspection, and the information will come to our database, and we can see everything. It cuts down fraud, manpower and reduces cost and gives you that excellent touch with speed of service for our claim delivery, these are part of the advantages that come from that service”, he added.

  • ‘Universal Insurance ‘leading’ in bond, guaranty insurance’

    ‘Universal Insurance ‘leading’ in bond, guaranty insurance’

    Universal Insurance Plc is one of the underwriting firms that have distinguished itself in Bond and Guaranty Insurance in Nigeria, the Managing Director/CEO, Dr. Benedict Ujoatuonu, has said.

    He made this known at a briefing in Victoria Island, Lagos.

    While highlighting the unique products and services of Universal, Ujoatuonu listed Local Travelers Insurance and Keke PASS Insurance as flagship products, technology adoption, and digitilisation of its retail operations, among others.

    According to him, Universal Insurance is one of the companies that is known and has expertise in bond and guaranty insurance.

    He said: “We are one of the few companies that profitably underwrite Bonds and Guaranty. Other people, even our reinsurance people, usually ask, ‘how are you doing it? The reason is simply. It was a deliberate thought-out strategy from the beginning.

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    “I was a thoroughbred underwriter that has a focus on Bond and Guaranty Insurance. When I saw that a lot of insurance companies were running away from that business, we sat down, as a company, to look at what we could do to make this class of business profitable, we did it and it has been working for us. So, one of the things you see is that when the new administration was inaugurated and government contracts started coming out, the simplest business that was coming out from there was Bond and Guaranty Insurance and we took advantage of it and it is giving us the required value.’’

    On the flagship of the company’s retail products, and how technology is driving its retail segment, he said they have local travellers insurance and Keke PASS Insurance where they are having collaborations with some groups which is also driving other areas.

    “The dynamic of our retail operations is digitilisation, nothing more. We have a lot of Web Aggregators who are taking advantage of our products and we are using their platforms.

  • Universal Insurance targets N20b premium

    Universal Insurance targets N20b premium

    Universal Insurance has projected over N20 billion premium income in the year, notwithstanding the harsh economy.

    The Managing Director of the firm, Ben Ujoatuonu, made this known during the Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos yesterday.

    Ujoatuonu said the company’s indices showed positive signs and that they would continue to sustain the tempo, adding that the company grew its assets from N11 billion in 2022 to 17 billion in last year.

    He said: “We were able to achieve all that we set out to do for the end of 2023 by 98 per cent. The branches we intended were opened. We expected to end the year with a premium income of about N10 billion. However, we ended the year with a premium income of N9.3 billion with profit of over N530 million.

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    “This year, we started out with very high expectations. We are also looking forward to opening more branches. We are projecting to end the year with a premium income of about N20 billion. It may interest you to know that as of today, we are doing about N9.3 billion in premium income. We are very optimistic that we are going to achieve it before the end of 2024.

    “Our assets will also increase from N11 billion to about N17.5 billion and our shareholders fund will increase from about N9 billion to N12 billion. So, all the indices for us are showing positive signs and we will continue to sustain it,” he said.

    Ujoatuonu stated that they were meeting their claims obligations and stakeholders were happy.

    “In April, when we had the brokers evening, it was very clear that the NCRIB endorsed Universal Insurance to deal with it in terms of service delivery and claims payment. We are sustaining that level of relationship with brokers. “

    And we are very hopeful that it will continue to add the level of value we expect.

    The company also admitted three new Directors into its Board from various backgrounds and diverse experience. She stated: “We hope that their entrance into the board will also create the level of value that will expand our frontier in terms of business generation, among the rest of them. So we are on the move. And I believe that our partnership will continue to afford you the opportunity to dish out to the public what we’re cooking so that they will be able to feed from the abundance of good things coming out from Universal Insurance. So, we’re very grateful for this partnership. And we thank you for giving us the opportunity to come around.”

  • Universal Insurance pays policyholders N1.2b claims

    Universal Insurance pays policyholders N1.2b claims

    Universal Insurance Plc paid N1.2 billion claims to policy holders in the financial year ended December 31, 2022.

    The company’s profit rose by 341 per cent from N161.1 million  in 2021 to N667.8 million in 2022.

    Its Chairman, Jasper Uduagwuike, stated this during the company’s 56th Annual General Meeting (AGM) in Lagos.

    He said the company also delivered 63 per cent growth in gross premium written to N5.7 billion when compared to N3.473 billion reported in the previous year of 2021.

    There was also 84 per cent increase in revenue to N4.868 billion when compared to N2.644 billion achieved in the previous year.

    The company’s strength to take more risks showed in the 84 per cent increase in earned premium moving up from N2.403 billion to N4.432 billon.

    Notwithstanding the challenging operating environment, the group achieved a significant 320 per cent growth in profit before tax to N682.1 million as against N162.2 million, while the group’s earning per share was 3.87kobo, the previous mark was 2.36kobo.

    The shareholder’s fund rose slightly by seven per cent amounting to N9.7 billion compared to the previous year as well as total asset, which  appreciated to N12.4 billion at the end of the period under review.

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    Speaking on behalf of the shareholders, Sunny Nwosu said: “ I am impressed with what I see, especially when you look at where they were coming from in 2018, you will see that they have done very, very well.’’

    We appreciate the board and management of the company. Even the half year 2023 result was impressive and we are optimistic that they will pay dividend at the next AGM.

    Responding to the shareholders, the Chairman said “with increased profitability, the future of our company, Universal insurance Plc, shines  brighter than ever. We are steadfast in our commitment to delivering sustainable results, undeterred by the challenges that may lie ahead. Our solid financial foundation and strategic approach position us confidently to navigate the dynamic landscape and continue providing value to our customers and stakeholders”.

     “As the political and economic landscape providing evolves, we recognize the potential for increased economic activity in the insurance industry. We embrace the anticipated changes, such as expanded public sector demand, enhanced regulatory interventions, and the introduction of fresh ideas that drive economic transformation. By seizing these opportunities, we can contribute to the growth and development of the insurance sector, while adapting and thriving in a changing environment”.

    He noted that “amidst these changes, the company’s unwavering focus remains on delivering exceptional value to our customers and stakeholders. Through prudent financial management and strategic decision-making, we strive to capitalize on opportunities and mitigate risks.

    “Our commitment to innovation and personalized financial services empowers our customers, enabling their financial wall-being and establishing us as their trusted partner”.

    He said “Our ultimate goal is to become a leading player in the financial services sector, recognized for our integrity and customer-centric approach. As we journey towards this objective, we will adapt to market dynamics and uphold our commitment to excellence. By doing so, we will build upon our past achievements, create a prosperous future for our company, and bring success to.all our stakeholders.

    He assured the shareholders that “Universal Insurance Plc is poised for a bright future. We remain resolute in our pursuit of sustainable results navigating challenges with confidence, and delivering exceptional value to our customers and stakeholders.