SUNU Assurances Nigeria Plc’s profit before tax rose to N488m in the 2021 financial year, from N313m recorded in 2020.
The firm said in a statement that this was despite the impact of the COVID-19 pandemic, EndSARS and other claims paid by the company to individuals and corporate entities in Nigeria.
It said the N488m PBT made in 2021 by SUNU and its subsidiary companies represented a 56 per cent growth when compared to the N313m realised in 2020.
Gross Written Premium for the Group grew from N4.2bn in 2020 to N6.1bn in 2021. This represents a growth of N1.9bn in value and 46 per cent in percentage terms due to improved financial stability and sustained business relationship in the insurance market.
The total gross claims paid during 2021 increased to N2.6bn, from N1.7bn in 2020, representing nearly 50 per cent increase. This was largely due to claims resulting from the EndSARS protest.
Speaking at the company’s annual general meeting, the Chairman, Mr Kyari Bukar, said the company was able to achieve the feat despite the economic challenges due to the strength and resilience of the board and management.
He disclosed that the net claims expenses for the Group increased from N752m in 2020 to N1.4bn due to huge EndSARS claims while the underwriting profit grew from N1.6bn in 2020 to N2.2bn in 2021.
He said this was due to a 44.2 per cent increase in underwriting income, which rose from N3.2bn in 2020 to N4.7bn in 2021.
Bukar also said the operating expenses for 2021 amounted to N2.1bn, representing an increase of 19 per cent from N1.8bn in 2020.