One of the oldest insurance companies in Nigeria, Universal Insurance PLC, said it 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, disclosed this in Lagos while speaking at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE), which they sponsored.
He also disclosed that as at the first quarter of 2025, the Company achieved a GWP of N8.07 billion, above 100% per cent higher than the target for the quarter.
According to him, “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 in 2024.
“We are charged to serve the public better to make them have that experience. Our claims 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 there seamlessly, 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 the 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% of our first quarter target. We are progressive, we are highly innovative, and we are bringing 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.”