SUNU Insurance Company Dividend
For the fiscal year that ended on December 31, 2022, SUNU Assurances Nigeria Plc, an underwriting company, issued a dividend of 3 kobo per share of 50 kobo ordinary shares owned.
At the company’s annual general meeting in Lagos, the insurance company’s chairman, Kyari Bukar, announced that the dividend had been paid as a result of strong financial results, with the gross written premium (GWP) rising by 18.5% to N5.77 billion in 2022 from N4.87 billion in 2021.
According to Bukar, claims paid decreased by 28.8% from N2.07 billion in 2021 to N1.47 billion in 2022.
The chairman stated that because of the year’s favorable claims experience, this represented 93.1% of the paid claims budget for 2022.
He claimed that the company’s net claims costs rose from N859 million in 2021 to N1.21 billion in 2022, a 41.4 percent increase, with a N261 million overrun above the N953 million allocated for the year under consideration.
According to Bukar, environmental risks including flood, fidelity guarantee, items in transit, and motor claims had a negative impact on the company’s performance.
According to him, the company earned an underwriting profit of N1.49 billion, or 77.2% of the N1.93 billion annual budget. Its profit also improved by 0.6% from N1.48 billion in 2021.
He claimed that the insurer’s profit after taxes for the year under review was N330 million, above the N127 million profit it made in 2021 but falling short of the N399 million objective set for 2022.
The Chairman insisted that the board of the corporation would continue to define, carry out, and evaluate the sufficiency and effectiveness of risk management.
According to Bukar, the board would also keep an internal control system compliant with the Nigerian Code on Corporate Governance (NCCG) to manage its opportunities and risks and encourage genuine stakeholder involvement.
Samuel Ogbodu, the managing director of SUNU Assurances, thanked the company’s valued shareholders for their ongoing support in his speech. According to Ogbodu, the underwriter had put strategic strategies in place to assure growth and make it possible for it to increase dividend payments in the upcoming year.
