SUNU Assurances Grows Profit by 577% in Q3 in 2023

SUNU Assurances Nigeria Plc recorded improved  performance for the third quarter ended September 30, 2022 despite the challenging operating environment.  

SUNU Assurances Nigeria, one of the fastest growing underwriting firm in the country also witnessed growth in the first and second quarter of 2022 when compared with the same period in 2021.

The company posted gross premium written (GPW) of N4.62 billion in  Q3 of 2022, showing an increase of 15 per cent compared to N4.028 billion in 2021. Gross premium income (GPI)  grew faster by 22 per cent to N3.863 billion from N3.165 billion in 2021. Profit before tax soared by 577 per cent from N55.378 million to N374.728 million in 2022,

Commenting on the performance, the Managing Director of SUNU Assurances, Mr. Samuel Ogbodu, said the company was able to achieve the impressive performance due to the massive support from the SUNU group, Board of Directors, their strategic investments in their  greatest asset (human capital).

He added that  their  network and knowledge of the market, the Nigerian economy, prompt settlement of all claims with discharge voucher (DV), robust reinsurance facility and their undaunting ability to drive  their operation with  technology equally contributed.

According to him, in addition, the company’s financial strength has grown sufficiently to accommodate any line of business we are licensed to underwrite.

 “If a claim occurs, we take it seriously and make immediate plans after assessment to pay. If it is a motor claim, we send our in-house staff and if it’s a large claim, we send loss adjuster to review it so that we take necessary steps to effect payment as fast as possible. We pay claims within 48 hours after issuance of discharge voucher,” he said.

SUNU Assurances Nigeria Plc, is a member of the highly successful SUNU Group that has over 20 insurance companies in 17 African Countries and has over 558 million Euros worth of Assets under Management as well as 229 million Euros in Premium Income. SUNU Assurances Nigeria Plc has the vision to be a leading African Insurance company and is on a mission to be an insurance company recognized for excellent client services, using cutting edge technology, motivated workforce and good business ethics to meet stakeholders’ expectations. This is being driven by innovative service delivery, products development, cost management, customers experience and ensuring proper balance in all dealings.