Universal insurance posts NGN91.9 million loss for Q3 2016

Universal insurance posts NGN91.9 million loss for Q3 2016

Universal Insurance plc in its financial report for the third quarter of the year 2016 recorded NGN91.9 million loss compared to NGN78.0 million reported same period in the financial year 2015.

The insurance company said its gross premium earned lowered to NGN373.9 million from NGN487.1 million recorded in the year 2015 while reinsurance expenses was NGN6.0 million against NGN15.0 million recorded in the previous year.

Net premium income lowered to NGN367.9 million in contrast to NGN487.1 million posted in the fiscal year 2015 while investment income stood at NGN57.3 million against NGN67.8 million in the year before.

Total Assets disclosed Universal Insurance plc for the third quarter was NGN11.7 billion compared to NGN11.9 billion posted in the year 2015 while total liabilities was NGN2.9 billion versus NGN2.6 billion in the year before.

Company Profile

The Universal Insurance Company Limited (UNISURE), now Universal Insurance Plc. was established by the then Eastern Nigeria Government, African Continental Bank Plc in 1961 through an association between Eastern Nigeria Development Corporation (ENDC) and Pearl Assurance Company Limited of London whereby ENDC acted as agents to the insurance company.

The Universal Insurance Company Limited also from inception has been on a partnership relationship with Swiss Reinsurance Company of Zurich, which also provided the necessary reinsurance support. Mr. K. R. Lugg an expertrate had the privilege of being the first General Manager of the Company untill 1963 when Mr. M.A.C Chukwudinma was appointed the 1st indigenous General Manager.