The insurance industry regulatory agency, the National Insurance Commission (NAICOM), has approved the 2016 audited financial report of Universal Insurance Plc.
The letter of approval dated 25th of July 2017 and signed by the Director (Supervision) of the commission, Mr. O. Oba, stated that the Commission has no objection to the publication of the audited financial statement for the year ended December, 31, 2016 as submitted. The statement maintained that an approval was granted after confirmation that Universal Insurance has substantially complied with regulatory requirements.
While the audited financial summary indicated that Universal Insurance assets grew to N11.896billion, its shareholders’ funds stood at N8.855billion as at end of December 2016. In the same vein, the firm’s solvency margin increased to N4.740billion as net operating result grew to N121.680million.The company paid out claims amounting to N125.764million within the period under review.
The Managing Director and Chief Executive Officer, of Universal Insurance, Ben Ujoatuonu attributed the company’s performance in 2016 to strategic focus and determination by the management in ensuring that the firm continues to grow on the path of profitability in its various portfolio underwriting.
He stressed that the Universal brand has come to stay and would continue to delight its stakeholders at all times.
“I make bold to say that Universal Insurance has not only returned to mainstream underwriting as a competent risk management firm but a delight to shareholders and the sundry. The 2016 financial result is an attestation to this in spite the harsh business terrain inflicted by harsh macro-economic challenges. Our able team is determined and focused to take the Universal brand to its pride of place in Nigeria’s insurance industry”, the Universal Insurance boss said.
Ujoatuonu, noted that customer satisfaction is pivotal to the company’s recorded achievements and this inevitably builds brand loyalty.