Universal Insurance Posts ₦15.25bn Premium in 2024, Records ₦2.8bn Profit

By LOVETH AZODO,  Lagos

Universal Insurance Plc has reported a Gross Written Premium (GWP) of ₦15.25 billion for the financial year ended December 31, 2024, alongside a profit after tax of ₦2.8 billion.

Managing Director/CEO of the company, Dr. Jeff Duru, disclosed this in Lagos during the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE), which the firm also sponsored.

Providing further insight into the company’s performance, Duru noted that Universal Insurance Plc generated ₦8.07 billion in premium income in the first quarter of 2025, representing over 130 percent of its Q1 target.

“Our shareholders’ fund as of the first quarter of 2025 stood at about ₦16.4 billion, up from ₦13.25 billion in 2024,” he said.

Duru emphasized the company’s commitment to delivering quality service through automation and digitization. According to him, all personal lines of insurance products offered by the firm are now fully digitized.

“Clients can access our products online, obtain quotes, make payments, and initiate claims — all from our website. We follow up at the backend to ensure smooth processing,” he said.

“Our claim payment process is top-notch, our services are top-notch, and we are fully computerized.”

Describing Universal Insurance as progressive and customer-focused, Duru said the company is bringing insurance closer to Nigerians through affordable, accessible, and seamless services.

Speaking on the firm’s evolving product offerings, Duru highlighted two major innovations; Shop insure Cover and OkadaPass as part of the company’s efforts to deepen penetration among informal and small-scale business owners.

The Shop insure Cover, he said, was designed for SMEs operating within shared business spaces. It offers protection against fire, burglary, hotel-related risks, personal injury, and temporary accommodation during relocation.

The OkadaPass product targets the delivery and logistics sector, providing insurance cover for dispatch riders, their motorcycles, and the goods in transit.

“The package is valuable to both the service provider and the client. OkadaPass ensures the rider, the package, and the bike are all protected,” Duru explained.

The company has also launched a suite of digital tools including:

A customer portal and mobile app for quotes, renewals, and claims initiation.

An AI-powered chatbot and voice assistant, available 24/7, to replace traditional customer service centers.

A digital pre- and post-loss vehicle survey tool that allows customers to conduct inspections using their smartphones, reducing fraud, cutting manpower costs, and expediting claims processing.

Duru noted that Universal Insurance Plc, with over 60 years in Nigeria’s insurance industry, has undergone a strategic transformation aimed at better service delivery.

“We have reengineered and recapitalized the company, and today, we are operating with an asset base of over ₦20 billion,” he stated.

He reiterated that the company remains focused on providing innovative insurance solutions that guarantee peace of mind while delivering value to customers across all sectors.