By Rosemary Onuoha
Sunu Assurances Nigeria Plc has successfully completed the first phase of its recapitalisation plan by increasing shareholders’ fund to N6.61 billion in 2020 from N3.47 billion in 2019.
Disclosing this at a briefing in Lagos, Managing Director/Chief Executive Officer of the company, Mr. Samuel Ogbodu, stated that the increase in shareholders’ fund represents a 90 percent growth after share reconstruction and capital injection of N3.01 billion.
He noted that in spite of the economic challenges, the firm had continued to grow its market share, stressing that the firm will close the year 2020 with a premium production of N3.15 billion against N2.24 billion recorded in 2019.
He said it represents 40 percent growth courtesy of the restructuring initiatives and strategic business transformation carried out in recent quarters to mitigate the effect of economic challenges.
Ogbodu said: “Sunu Assurances will close the year with claims pay-out of N1.29 billion in 2020, while underwriting profit grew to N1.22 billion in 2020 from N781 million in 2019, presenting 56.2 percent growth, which was due to improved technical efficiency in business operations.”
According to him, the bulk of the claims came from oil and gas, and motor. He posited that due to the firm’s prompt response to claims settlement, old and new policyholders have been flocking the firm to underwrite their risks.
“We have continued to focus on our strategic strengths centred on our technologically differentiated service delivery and operation.
“We are also bringing the company more initiatives that will delight our customers, which are geared towards being a customer-centric company with firm aspirations of achieving sustained and orderly growth in the coming years,” he said.
The Sunu boss posited that the company is embarking on a growth phase while it remains committed to its strategic objectives and core values, which will also guide the future and culture of the company.
He maintained that the firm had concluded plans to inject N3.5 billion into its kitties through right issue which will be activated by March 2021.