Universal insurance posts NGN66.1 million loss for Q2 2016

Universal insurance posts NGN66.1 million loss for Q2 2016

Universal insurance plc said it recorded NGN66.1 million loss for the second quarter of the year 2016 compared to NGN42.4 million profit recorded same period in the financial year 2015.

The insurance company recorded NGN269.1 million gross premium earned in contrast to NGN304.9 million posted in the previous year while reinsurance expenses was NGN1.7 million against NGN8.0 million in 2015.

The company said its net premium income lowered to NGN267.4 million from NGN296.9 million in the year before while investment income was NGN36.2 million against NGN44.4 million in the fiscal year 2015.

Universal Insurance plc said its total assets for the period under review stood at NGN11.4 billion against NGN11.4 billion acquired in 2016 while total liabilities lowered to NGN2.6 billion from NGN2.7 billion recorded in the year before.

Company Information

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.