“Indeed 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the Covid-19 pandemic and its multidimensional impact on global economy. Yet, in the face of prevailing circumstances the company delivered impressive results during the year.”
That was the succinct position of the managing director at Unitrust Insurance Company Limited, John Ijerheime, as he narrated the performance of the company to the team of National Association of Insurance and Pension Correspondents executive on a courtesy visit to the company in Lagos today, which made underwriting profit of N802.19m which is an improvement on N301.75million posted in 2019. In the year under review claims paid was N1.08bn.
Ijerheime said the general insurer in spite of the Covid challenges, made a gross premium income of N3.98bn, a year-on-year growth of 13 percent, besides, its profit after tax was N747.17million. He noted that the performance was against the backdrop of pandemic challenges, yet the company delivered an outstanding performance across key metrics.
He comments on how the company was able to surf the challenging tide, “Our business growth model is driven by structural analysis of our strengths, weaknesses, opportunity, and threats (SWOT) for responsive bonding irrespective of the challenging situations. We have by this result, demonstrated our robust capacity and sustainable execution of our strategic growth plans.”
On 2021 half year performance plus July production, he said the company had generated N3.7 bn premium, which was close to the full year performance of 2020, and optimistic that the firm anticipates closing the year with over N5 bn. He also said the firm has so far paid over N400 million claims this year.
Chairman of NAIPCO, Chuks Udo Okonta, also briefed the company of the association’ initiatives to contribute immensely towards the development of insurance sector. O the wings of these initiatives are profiling which focuses on claims, management and advert to news.
He explains that claims profiling helps to showcase companies claims payment history for a period of five years, while product profiling focuses on the benefits of products on offer, and management profiling helps showcase the pedigree of individuals steering the affairs of companies. For the advert to news, he said, it was developed to help the public understand fully the concepts of the contents of advertorials published by companies.