SUNU Assurance Scale First Phase Of Recapitalization

Yemisi Izuora

SUNU Assurance Plc, has disclosed that it will close the year, 2020 with claims payout of N1.29 billion.
The Managing Director/ CEO, SUNU Assurance, Mr Samuel Ogbodu told the media in Lagos, that the company has a very robust facility adding that it settles all genuine claims promptly. “We have a very robust facility, in time of claims, we don’t shy away, we pay because we are well prepared”, he assured.

According to him, the company’s underwriting profit grew to N1.22 from N781 million recorded in 2019 representing a growth of 562% which was due to improved technical efficiency in business operations.

Ogbodu equally stated that the company will close the year with a premium production of at least N3.15bIllon in 2020 from a premium of N2.24billion in 2019 which represents a growth of 40% due to the restructuring initiative and strategic business transformation carried out in recent quarters to mitigate the effect of economic challenges

Speaking on recapitalization , he stated; “In line with our strategic business transformation plan to comply with N10 billion regulatory capital requirement for the operation of General Business Insurance in Nigeria, we are delighted to inform you that SUNU Assurances Nigena Plc has completed the first phase of its recapitalization plan within stipulated time by increasing Its shareholders’ fund to N6.61billion in 2020 from N3.47 billion in 2019 which represents a 90% growth after shares reconstruction and capital injection of N3.01 billion”, he assured.

He pointed out that SUNU Assurance would continued to grow its market share despite the current economic challenges faced by all sectors in Nigeria which led to contraction in the Q2 & Q3 GDP of 2020.

“We have continued to focus on our strategic strengths centered on our technologically differentiated service delivery and operation We are also bringing the company more in-line with initiatives that will delight our customers, which are geared towards being a customer-centric company with firm aspirations of achieving sustained and orderly growth in the coming years.

SUNU Assurances Nigeria Plc is embarking on the growth phase while we remain committed to our strategic objectives and core values, which will also guide the future and culture of the company”, he said.

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