UnityKapital Assurance records 19 percent premium increase in two years

UnityKapital Assurance Plc has declared an increase of 19.09 percent premium increase between 2014 and 2015.

The company’s books  show 4.49% in gross premium income to N3.032 billion for 2015 as against N2.901billion  in the preceding year, as well as a 14.6% increase in Net Premium Income of  N2.509 billion  from N2.188 billion the previous year.  A profit After Tax of N141.477 Million was recorded in 2014.

The company also recorded a gross premium income of N2.651 billion and a Net Premium Income of N2,095,941 billion. A Profit After Tax of N340.503 million in 2015.

Speaking on Wednesday in Abuja at the 2014/2015 Annual General Meeting (AGM), Michael Dogo, managing director and chief executive officer of the company explained that, despite the tough business operating environment, UnityKapital Assurance Plc held strong by defying challenging national and economic circumstances with strategic actions to deliver value to all its stakeholders.

He said in line with the realities of the operating environment, the company had to strategically cut down on it’s expenses to be able to grow premium and declare profit to meet the expectations of shareholders.

“While the premium income for 2015 seems to be lower than the previous year, due to challenging national and economic circumstances, however, UnityKapital has repositioned itself to make mark on the Nigerian insurance industry”.

He elaborated further “To expand on its retail market share, UnityKapital recently launched its free Insurance Mobile App on the Android and IOS operating systems. The App is a self-service insurance product that allows existing and prospective customers to purchase and manage their insurance policies from their smart phones at the comfort of their various locations”.

According to him, in the following months subscribers to the App will be given the opportunity to download software updates free, that will enable them get quotations for comprehensive motor polices, and purchase fire and personal accident insurance policies.

Speaking on the regulatory order imposed on the company in 2015, Dogo had this to say “We recognize that the NAICOM regulatory order stirred up all sorts of unfounded rumours about the capacity and financial strength of the company, but that order was done to quicken the pending divestment exercise. I assure our shareholders that we are stronger than ever and hereby express our heartfelt appreciation to our clients, Insurance Brokers and esteemed shareholders for their support, loyalty and understanding during the period. Be assured that your company remains financially buoyant and capable of transacting business and settling genuine claims as usual”.
During the AGM, the board inaugurated additional directors to the company’s board of directors.

Dogo averred that the additions to the board were a reflection of the bright future of UnityKapital Assurance Plc.

“Our new board of directors embody the core values of UnityKapital Assurance Plc. These are astute business persons, captains of industry and distinguished personalities that make up the very crème of Nigeria’s business society and will bring fresh perspectives to the organization.

The MD further declared, “UnityKapital Assurance Plc is establish to generate sustainable value for its shareholders through a relentless focus on meeting the needs of its customers, and a proactive but disciplined approach to investing in the most profitable growth opportunities”.