SUNU Assurances Nigeria Pays Out 3kobo Dividend to Shareholders, N1.47bn Claims
SUNU Assurances Nigeria Plc has thrilled its shareholders with a 3Kobo dividend per share of 50kobo ordinary share of the company.
Kyari Bukar, the Chairman of SUNU Assurances Nigeria Plc, who announced the dividend payment at the firm’s Annual General Meeting (AGM) held in Lagos, added that the dividend was paid in view of the impressive results recorded by the company.
Bukar highlighted that the firm’s Gross Written Premium (GWP) increased to N5.77 billion in 2022 from N4.87 billion in 2021, noting that this represents a growth of N903 million in value and 18.5 per cent in percentage terms while 94.5per cent of the full year budget of N6.11billion was achieved due to adverse impact of macroeconomic pressures in the country.
The Chairman of the underwriting firm stated that the claims paid reduced from N2.07 billion in 2021 to N1.47 billion in 2022 by 28.8 per cent, which represented 93.1 per cent of the paid claims budget for the year, stressing that this was due to favorable claims experienced during the year considering the non-occurring nature of the End- SARS violence.
He added that the net claims expenses increased by 41.4 per cent to N1.21 billion in 2022 from N859 million in 2021, which was an overshoot of N261 million above N953 million budgeted for the year.
He lamented that environmental risks (flood), fidelity guarantee, goods in transit and motor claims affected the performance adversely.
He hinted that the underwriting profit was N1.49 billion, which represents 77.2 percent of the N1.93 billion budget for the year and that the profit increased by 0.6 per cent from N1.48 billion in 2021.
The company’s profit after tax for the year was N330 million, according to him, which reflects an under performance of the year’s budget of N399 million, but outperformed the N127 million profit made in 2021.
Bukar affirmed that the board would continually articulate, implement and review the adequacy and effectiveness of the risk management and internal control system in line with Nigerian Code on Corporate Governance (“NCCG”) to manage its risks and opportunities and promote meaningful engagement with its stakeholders.
