An underwriting firm, Universal Insurance Plc has recorded a strong financial performance for the 2024 financial year, posting double-digit growth across key performance indicators despite the prevailing economic headwinds and rising operating costs in Nigeria’s business environment.
At the company’s 55th yearly general meeting in Lagos, the Chairman, Jasper Nduagwuike, announced that the insurer’s gross written premium rose by 64.5 per cent to ₦15.3 billion in 2024, up from ₦9.3 billion recorded in 2023.
Nduagwuike described the growth as a reflection of customers’ increasing confidence in the brand and the growing acceptance of the company’s product offerings.
“Our performance underscores the trust our customers have in our service delivery and the relevance of our products in a competitive market,” he said.
He explained that insurance revenue rose by 72 per cent to ₦13.8 billion in 2024, compared to ₦8.02 billion achieved in 2023, attributing the improvement to the company’s ability to combine prudent underwriting practices with product innovation and customer-focused service.
In the same period, profit before tax jumped significantly by 291.3 per cent to ₦2.01 billion, from ₦526.7 million in 2023. The company’s insurance service result also grew to ₦2.79 billion in 2024, up from ₦1.54 billion a year earlier.
The insurer’s balance sheet equally showed strong resilience, with total assets expanding from ₦15.7 billion in 2023 to ₦20.3 billion in 2024. Shareholders’ funds rose to ₦13.2 billion from ₦10.4 billion in the previous year, reflecting improved capital strength and sustainable growth momentum.
Nduagwuike noted that the company’s positive trajectory reinforces its strategic commitment to sound financial management, responsible underwriting, and operational efficiency, despite inflationary pressures, foreign exchange volatility, and the ongoing sector-wide recapitalisation drive.
Speaking on the company’s outlook for the 2025 financial year, Dr. Jeff Duru, Managing Director and Chief Executive Officer of Universal Insurance, said the firm remains optimistic about sustaining growth, even as it continues to navigate macroeconomic uncertainties.
“Despite prevailing challenges, we remain optimistic and prepared to navigate uncertainties,” Duru said. “Our focus in 2025 will be on deepening operational efficiency, strengthening risk management, and implementing a disciplined investment strategy.”
He explained that the company plans to streamline its internal processes through automation, digitisation, and lean practices to reduce costs and improve agility.
“We will continue to enhance our risk management framework to proactively identify and mitigate risks, safeguard assets, and protect shareholder value,” he added.
On investment strategy, Duru said the company would pursue a prudent and diversified long-term investment approach aimed at balancing risk and returns while ensuring capital preservation and sustainable portfolio growth.
Industry analysts view Universal Insurance’s performance as a reflection of the broader resilience of Nigeria’s insurance sector, which has continued to attract investor interest and maintain growth momentum despite economic constraints.
With the Insurance Reform Act 2025 now in effect, the company’s improved balance sheet places it in a stronger position to meet new capital requirements and expand underwriting capacity in key segments such as motor, fire, and general accident insurance.
Universal Insurance, which has operated in Nigeria for over five decades, continues to align its growth strategy with the evolving needs of individuals and businesses, leveraging technology and data analytics to enhance product distribution and claims efficiency.
