Universal insurance plc posts NGN68 million loss for Q1 2016

Sakiru Oyefeso

Universal Insurance plc is reporting 60% rise in profit to NGN68.1 million loss for the first quarter of the year 2016 compared to NGN42.3 million recorded same period in the financial year 2015.

The insurance company ended the quarter with NGN58.9 million gross premium earned in contrast to NGN57.3 million posted in the previous year while reinsurance expenses was NGN206.8 million against NGN181.1 million in the year before.

The company recorded NGN2.2 million loss on net insurance income compared to NGN849 thousand loss posted in the year 2015.

The company said investment income for the period stood at NGN17.1 million against zero investment income in the year before.

Universal Insurance plc said its total assets dropped to NGN10.8 billion in the period under review compared to NGN11.2 billion posted in the year 2015 while total liabilities stood at NGN2.5 billion against NGN2.5 billion in the year before.

About the company

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.