Universal Insurance Eyes Over N15bn Premium Income

The management of Universal Insurance Plc led by its Managing Director and Chief Executive Officer, Dr Benedict Ujoatuonu, has set an ambitious target of over N15billion premium income for itself in another couple of years.

The Chief Executive Officer, who said this to Daily Independent during an exclusive chat in his office, disclosed that the company is already gearing towards achieving the target as it has, in the first quarter of the year 2022 made as much as N2.5billion.

According to him, the feat is an indication that the company may hit over N6billion at the end of 2022 business year and progressively will double that figure in the subsequent years.

“I would take you back to 2019, we ended the year record with N1.8billion, in 2020 we ended with about N3. 3billion, in 2021 we ended with about N3.7billion and as at first quarter this year, we have done almost N2.5billion. So, that shows that we going to surpass the 2021 record in 2022.

“Progressively, we make an impact; we have increased our revenue line, increased our bottom line, and maintained profit level consistently year in and year out. And year 2021 was not an exception and even in 2022, we are poised to even overshoot that of 2021 performance.

So, I attribute it to first, the grace of God for giving us the strength to drive this and the tenacity of my team to keep it eyes on the focus, without distraction, going for what we need to achieve. It has been paying off. We may not reach where we want to be but I know the sky is our limit”, the Universal Insurance boss noted.

On the projection for the next three years, Dr Ujoatuonu said: “We have set our plans, we have set our budget, and we have set our target. Election or no election it has not really made any impact. The point is the state of the economy, and how it is going to support activities, how the government policies are going to activate the economic activities that will impact the performance of businesses. These are things that impact businesses including insurance in terms of growth.

“There are policies that are stimulating for economic growth and every other thing. Companies will spring up, SMEs will spring up, and there will be an expansion on all fronts and that will also impact the level of business for the insurers. So, if things are not moving it is an issue. It doesn’t really matter whether it is an election year or not. But for us in Universal Insurance, like I said we have our budgets, we have the targets we are hoping to drive with vigour.

We are hoping that before the end of this year we should be able to achieve a target of about a N6billion. So, if we are able to do that this year and in years to come we will always strive to improve upon what we have done,” the MD/CEO assured.