Unity Kapital Assurance Prepares for Next Growth Phase

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The Board of Directors of Unity Kapital Assurance Plc, under the leadership of Aisha Azumi Abraham, has appointed Mr. Olatunji Oluyemi the new managing director/chief executive officer of the company subject to regulatory approvals from the National Insurance Commission (NAICOM).

The appointment, which is in order to position the insurance company for its next growth phase, followed the resignation of Michael Dogo as MD/CEO effective July 20, 2016.

This development coming after 39th annual general meeting (AGM) of Unity Kapital Assurance Plcin Abuja.

With a commendable professional experience in the insurance industry, the incoming MD, Oluyemi has held various high level positions in the insurance industry in the course of his career and was a former MD of Royal Exchange Assurance of Nigeria.

Oluyemi is expected to bring his depth of experience in Nigeria’s financial and insurance sector to bear on Unity Kapital Assurance.

” Oluyemi is a leader that understands how to work with people, and use knowledge and time to achieve significant results for all stakeholders. He is known to have launched new initiatives and significantly grow an operations balance sheet over a short period,” industry analyst said.
The analyst explained that the decision to select a CEO who is an industry veteran should reassure investors as management works through a strategy focused on building a more efficient Insurance firm.

The new MD will be focused on moving the company to the next growth phase after the recent surge in premium and other income in the past 3 years.

Unity Kapital Assurance Plc, reported gross premium income of N2.68 billion in 2015. The company’s books show Net premium income of N2.09 billion for 2015 and an underwriting profit of N1.043 billion.

Profit for the year came in at N321.9 million as against N98.9 million in the preceding year, while basic earnings per share rose 400 percent to 5 kobo per share from 1 kobo in 2014.
The firm’s total assets rose to N11.4 billion in 2015 from N10.8 billion in 2014. Unity Kapital Assurance came into existence following the insurance regulation of September 2015 which required insurance companies to recapitalise to the level of N3 billion for non-life companies and N2 billion for life companies.

The firm has developed competences in bond insurance, oil and gas insurance, aviation and engineering insurance among others.