SUNU Assurances returns to profitability, gross written premium up 37%

SUNU Assurances Nigeria Plc has posted a profit after tax of N237.94 million for the 2020 financial year, compared with a loss after tax of N225.27 million a year earlier.

The company reported a profit before tax of N313.41 million last year, compared with a loss before tax of N188.01 million in 2019, according to its audited financial statements released on Tuesday.

Its gross written premium rose to N4.21 billion from N3.06 billion.

“Despite the effect of COVID-19, the group experienced an increase of 37.5 percent in gross written premium when compared to prior year result. The increase can be attributed to the company’s strategic decision with respect to revenue generation,” it said.

The insurance company said its paid-up capital increased from N1.4 billion as at Dec. 31, 2020 to N2,905,400,000 as at Feb. 15, 2021 due to the additional units of shares of 3,010,800,000 at N1 each via private placement undertaken by the company.

Its shareholders’ fund soared to N6.37 billion as at Feb. 2021 from N3.66 billion as at Dec. 31, 2020 on the back of the additional units of shares of 3,010,800,000 undertaken by the company.

Markets Reporters had reported on Feb. 20, 2021 that the company listed additional 3,010,800,000 ordinary shares on the daily official list of the Nigerian Stock Exchange, with its total issued and fully paid-up shares increasing from 2,800,000,000 to 5,810,800,000 ordinary shares of 50 kobo each.