By Cynthia Alo
Universal Insurance Plc has recorded 91 percent growth in its gross written premium (GWP) which rose to N808.6 billion in the third quarter of 2019 (Q3’19) from N1.5 billion the same period in 2018 (Q3’18).
In a statement filed with the Nigerian Stock Exchange, NSE, the company said that the net premium income increased to N1.1 billion in Q3’19 from N620.2 million representing a 77percent increase for the period under review.
However, the company recorded a 17 percent drop in its gross claims paid to N211 million in Q3’19 from N255.4 million in Q3’18.
Commenting, Managing Director of the company, Mr. Ben Ujoatuonu, said that the reduction in claims pay-out was as a result of the company’s ability to assess risks accepted effectively and efficiently.
He added that the company was prompt with claims settlement as it attended to issues with genuine claims dispatch.
The results also show that the company’s underwriting expenses increased by 63percent to N340.5million in Q3’19 from N208 million Q3’18, representing the 604 percent increase from N538.8 million recorded in the second quarter of 2019. The underwriting profit rose by 71percent to N626.5 million in Q3’19 while investment income increased by 38 percent to N106.6 million Q3’19 from 77.4million in Q3’18.