Saham Unitrust Insurance grows by 28%

From NGOZI Onyeakusi, Lagos

Saham Unitrust Insurance Nigeria Limited has grown its gross written premium by 28 per cent for the 2017 financial year .

Thus from N1.92bn recorded in 2016 to N2.486bn in the period under review.
According to the firm’s 2017 audited financial statement, which was approved by the National Insurance Commission, its gross premium income also rose by 11 per cent from N2.08bn in 2016 to N2.3bn in the year under review.
Shareholders’ fund grew slight from N7.52bn in 2016 to N7.76bn while its solvency margin rose from N6.35bn in 2016 to N6.8bn in the period under review.
Its net claims expenses reduced to N291.94m in 2017 from N355.2m in 2016, while Underwriting expenses stood at N651.02m in the year under review from N458.59m in the previous year.
Net operating result as well increased to N814.5m from N1.3bn, while the management expenses stood at N631.61m from N447.53m.
Commenting on the result, the Managing Director of the company, Mr John Ijerheime, said that despite the challenges in the country’s economy, the firm emerged with improved results compared to last year’s figures.
While reiterating its passion for excellent service delivery, he said that the company would continue to be prudent in the underwriting business.