UNIVERSAL Insurance Plc has announced an impressive financial performance for the 2024 financial year, with significant growth across key performance indicators despite Nigeria’s challenging economic environment.
At the company’s 55th Annual General Meeting (AGM) held in Lagos, the Chairman, Mr. Jasper Nduagwuike, disclosed that Universal Insurance achieved a 64.5 percent increase in gross written premium, rising to ?15.3 billion in 2024 from ?9.3 billion recorded in 2023.
He said the strong growth reflects rising consumer confidence in the company’s products and services, as well as management’s commitment to prudent underwriting and customer-focused innovation.
‘This performance is evidence that our products are gaining traction and that our customers trust the quality of our service,’ Nduagwuike stated.
Insurance revenue also surged by 72 percent, reaching ?13.8 billion in 2024, compared to ?8.02 billion reported in the previous year.
The company attributed this to its ability to combine innovation with sound risk management practices while maintaining profitability.
Profit before tax soared by 291.26 percent to ?2.01 billion from ?526.7 million in 2023, while the insurance service result grew to ?2.79 billion, up from ?1.54 billion in the prior year.
Reflecting the company’s strengthened financial position, total assets expanded to ?20.3 billion in 2024, up from ?15.7 billion in 2023.
Similarly, shareholders’ funds increased to ?13.2 billion from ?10.4 billion, demonstrating a more resilient balance sheet and improved capitalization.
Nduagwuike noted that these achievements underscore Universal Insurance’s steady recovery trajectory and ability to deliver value to stakeholders even in a volatile macroeconomic environment.
Looking ahead, the company’s Managing Director/Chief Executive Officer, Dr. Jeff Duru, expressed optimism about the firm’s prospects, despite ongoing market headwinds such as inflation, high interest rates, and exchange rate volatility.
He identified operational efficiency, risk management, and investment strategy as the company’s three key strategic focus areas for 2025, noting that Universal Insurance is determined to consolidate its performance through innovation and disciplined execution.
‘Despite prevailing challenges, we remain optimistic and prepared to navigate uncertainties. In 2025, we will streamline processes through automation, digitization, and lean practices to reduce costs and enhance agility,’ Duru said.
According to him, Universal Insurance plans to strengthen its risk management framework to proactively identify, assess, and mitigate emerging risks across its operations.
This, he said, will safeguard the company’s assets, protect shareholder value, and maintain long-term financial stability.
On investment strategy, Duru revealed that the company would pursue a prudent and diversified portfolio approach, balancing risk and return through strategic asset allocation.
‘Our investment strategy will be long-term and value-driven. We will continue to pursue sustainable growth by balancing capital preservation with portfolio expansion,’ he explained. ‘
He added that the company’s digital transformation drive will remain central to its operational strategy in 2025, aimed at improving customer experience, streamlining claims processing, and enhancing data analytics for better decision-making.
Both executives reiterated the company’s commitment to strengthening shareholder value, improving client satisfaction, and contributing to the overall growth of Nigeria’s insurance industry.
They emphasized that the company’s resilience and strong governance practices have positioned it to take advantage of emerging opportunities under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which seeks to modernize insurance operations, promote financial inclusion, and strengthen regulatory compliance.
Industry analysts have noted that Universal Insurance’s 2024 results reflect a broader trend of recovery and innovation in Nigeria’s insurance sector, as firms increasingly adopt digital solutions, diversify risk portfolios, and enhance their capital bases.
With a stronger balance sheet, growing revenue base, and renewed strategic focus, Universal Insurance appears well-positioned to sustain its growth momentum and strengthen its role as a key player in the non-life insurance segment.
‘Our focus remains clear-to build a modern, customer-centric insurance institution that delivers sustainable value to all stakeholders. We are confident that the strategic initiatives we are implementing today will continue to yield positive results in the years ahead,’ Dr. Duru affirmed.