By Ngozi Onyeakusi—— Universal Insurance Plc, has recorded  80.63% growth its gross premium written to N3.378 billion from N1.870 billion in same period in 2019.
The firm in its consolidated statements of financial position as at 31 December 2020 as well  recorded a 1645.87% rise in profit after taxation to N1.136 billion from N65.073 million in 2019.
Recall that Universal Insurance’s statements of comprehensive income for the period ended 30 Sept ember 2020 recorded a decline in gross premium written to N539.928 million in Q3 2020 from N596.436 million in 2019.

SUPERNEWS Nigeria earlier reported that Universal Insurance Plc said it settled claims to the tune of N1.2bn to its policyholders who suffered losses in five years.

The breakdown of the claims settlement according to the firm paid showed that the company paid N147.8m claims in 2015, N111.1m in 2016, N330.3m in 2017, N334.2m in 2018, while it settled N338.2m claims in 2019 financial period.

The Managing Director, Universal Insurance, Mr Ben Ujoatuonu, noted that the company was presently meeting all its obligations especially, in the area of prompt claims settlement to clients and other stakeholders.

He assured that the insurer was liquid enough to carry out its civic responsibilities.

“We have a competitive edge in claims settlement through investment in state of the art communication and information technology thereby enhancing our operational efficiency and offer to pay off legitimate claims in a jiffy after the execution of discharge voucher,” he said.