Shareholders of Universal Insurance Plc have applauded the insurer for its strong financial performance in 2021 despite the difficult operating environment.
Speaking at the insurer’s 52nd Annual General Meeting (AGM) held in held in Lagos, Sunny Nwosu, former president of the Independent Shareholders Association of Nigeria (ISAN), expressed his appreciation to the board and management for growing the revenue and improving bottom line at a time when many other insurers recorded negatives.
He said: “The result we see today is a testimony that things are changing.
“I praise the courage of the new chairman of the company for encouraging that things must be done properly in the company. I have faith in this company especially when you look at the retail earnings. The company has been doing well in that area and needs to encourage them to do more.”
Nwosu also said, “We also need to praise the core investor who doesn’t sleep but always working to ensure the company moves forward. Last AGM we gave him a matching order that nothing must happen to Universal Insurance and he promised firmly that he will work to ensure that the company recapitalize. We need to encourage such investor.”
“All I need to tell today, is that we have reputable insurance company and we must support them to make sure they meet all regulatory requirements of the recapitalization.”
Moses Igbrude, immediate past Publicity Secretary, Independent Shareholders Association of Nigeria( ISAN), commended the board for their performance.
According to him the company did well despite the difficulties in the business environment.
He however urged the operators and the regulators to come together and educate Nigerians on the need of insurance.
According to him, insurers must do more in deepening micro insurance for financial inclusion, deeper penetration and sustaining the future of the industry.
Earlier, Jasper Osita, chairman, Universal Insurance Plc, told shareholders that Universal’s performance in 2021 is a pointer to the resilience of all stakeholders to its corporate existence in seeing that the expectation is exceeded.
“Your company’s gross premium written stood N3.5 billion when compared with the N3.4 billion recorded in the corresponding period of 2020. Our profit after for the year 2021 stood at N151million as against N130.8 million achieved in the previous year of 2020.
