Universal Insurance aims for N100bn premium income in five years

Universal Insurance Plc’s Managing Director, Mr. Ben Ujoatuonu, has announced the company’s goal to achieve N100 billion in premium income within the next five years, building on the growth trajectory of the past three years.

Speaking in Lagos, Ujoatuonu expressed his ambition to leave behind a robust and enduring company.

Ujoatuonu said: “If you look at our trajectory in the last three years, Universal insurance has consistently grown her premium income by 55-60 percent every year. If you take an average of the percentage growth on our premium income considering what we have done so far, in the next five years, universal insurance will be writing N100 billion in premium income. If we project a 50 per cent growth year on year, in five years, we will be writing N100 billion.”

Speaking on the legacy he wants to leave behind, Ujoatuonu said: “The legacy I want to leave in Universal is that I want to be remembered for having come in, transform Universal, and build a very strong and virile insurance company that has come to stay. That is the legacy I want to leave for Universal.”

The Universal Insurance MD noted that their experiences in bond insurance have helped to improve their underwriting skills around that risk.

He said: “The challenge in bond underwriting is subjective because it depends on how you understand the risk as it is not a rule of thumb and you learn as you go. We have had some experiences and those experiences have also informed and improved our underwriting skills around that risk so that if you come to our bond unit, there are some bond businesses you will bring, they will look at it on the face of it and will tell you that we will not do this.”