SUNU Assurances Nigeria Plc has paid out N2.08 billion in claims to its customers during the 2023 financial year, marking a 41.5% increase from the N1.47 billion paid in 2022.
The company’s shareholders also approved a 5 kobo dividend per share of 50 kobo ordinary share, following a significant rise in Profit After Tax (PAT) to N2.5 billion, far surpassing the budgeted N355 million.
The company achieved a Gross Written Premium (GWP) of N8.16 billion, up from N5.77 billion in 2022, driven by increased business renewals and favorable premium rates.
Despite challenges such as inflation and fuel price instability leading to higher operating expenses, SUNU Assurances managed to increase its underwriting profit by 44.8% to N1.83 billion.
Chairman Kyari Abba Bukar attributed the profit surge to profitable business growth, improved claims management, and favorable foreign exchange policies, which added an exchange gain of N2.31 billion. The company’s strong performance underscores its resilience amid economic challenges.