SUNU upbeat on recapitalisation deadline, concludes 1st phase

The Managing Director/Chief Executive Officer, SUNU Assurances Nigeria Plc, Samuel Ogbodu, has said the company has successfully completed the first phase of its recapitalisation plan within stipulated time by increasing shareholders’ fund to N6.61 billion in 2020 from N3.47 billion in 2019.

Ogbodu, who disclosed this at a press conference in Lagos, explained that the increase in shareholders’ fund represents a 90 per cent growth after share reconstruction and a capital injection of N3.01 billion.

He stated that despite the economic challenges faced by all sectors of the country’s economy, SUNU has continued to grow its market share, revealing that the firm will close the year 2020 with a premium production of at least N3.15 billion, as against N2.24 billion recorded in 2019.

This he said, represents a growth rate of 40 per cent due to the restructuring initiatives and strategic business transformation carried out in recent quarters to mitigate the effect of economic challenges.

Speaking on claims settlement, Ogbodu said the company will close the year with claims pay-out of N1.29 billion, while its underwriting profit grew to N1.22 billion in 2020 from N781 million in 2019, indicating a growth of 56.2 per cent which was due to improved technical efficiency in business operations.

According to him, the largest share of the claims came from oil & gas and motor. He posited that due to the firm’s prompt response to claims settlement, old and new policyholders have being flocking to the firm to underwrite their risks.

“We have continued to focus on our strategic strengthens, centred on our technologically differentiated service delivery and delivery and operation.

“We are also continued to focus our technologically differentiated service deliver and operations. We are also bringing the company more in-like with initiatives that will delight our customers, which are geared towards being a customer-centric company with firm aspirations of achieving sustained and orderly growth in the coming years,” he said.

The SUNU boss, stated that his company is embarking on the growth phase while it remains committed to its strategic objectives and core values, which will also guide the future and culture of the company.

Ogbodu further divulged that the firm is set to inject N3.5 billion into the company through Rights Issues which will be activated by March 2021.

Sunnews