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SUNU Assurances posts N375 million profit before tax in Q3 2022

SUNU Assurances Nigeria Plc has reported its financial statement for the three quarters of the year ended 30th September 2022. 

The report shows that the company’s profit before tax rose to N374.7 million in three quarters from N55.4 million recorded in the same period in 2021. The profit grew by N319.4 million, representing 577% growth.  

Gross Premium Written 

  • 2022 YTD: N4.6 billion  
  • 2021 YTD: N4.0 billion  
  • Change: +15%  

Gross Premium Income 

  • 2022 YTD: 3.9 billion 
  • 2021 YTD:3.2 billion 
  • Change: +22% 

Claims expenses 

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  • 2022 YTD: N1.1 billion  
  • 2021 YTD: N2.2 billion  
  • Change: +48%  

Underwriting result 

  • 2022 YTD: N1.3 billion  
  • 2021 YTD: N941 million  
  • Change: +39%   

Pre-tax profit 

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  • 2022 YTD: N374 million  
  • 2021 YTD: N55 million  
  • Change: +557%  

Investment Income 

  • 2022 YTD: N247 million  
  • 2021 YTD: N163 million  
  • Change: +52%  

Bottom line: the growth in profit for the period appears to be driven by improvement in premium income as well as drop-in claims expenses for the period. 

Speaking on the result, Samuel Ogbodu, Managing Director of the company said the company was able to achieve the impressive performance due to the massive support from the SUNU group, the Board of Directors and its strategic human capital, network, and knowledge of the market 

He added that the Nigerian economy, prompt settlement of all claims with discharge voucher (DV), robust reinsurance facility and the company’s ability to drive operation with technology triggered the result. 

He said: “If a claim occurs, we take it seriously and make immediate plans after assessment to pay. If it is a motor claim, we send our in-house staff and if it’s a large claim, we send a loss adjuster to review it so that we take the necessary steps to effect payment as fast as possible. We pay claims within 48 hours after issuance of discharge voucher”. 

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