Sunu Assurances pays N3.28bn claims to customers in 2024

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Sunu Assurances Nigeria Plc paid N3.28bn claims to its customers in 2024 financial period.
The Chairman of the company, Kyari Abba Bukar, disclosed this during the company’s 38th Annual General Meeting in Lagos on Friday.
Presenting the annual report, he said, “Claims paid in 2024 rose significantly to N3.28bn, marking a 57.8 per cent increase from N2.08bn in 2023. The figure represents 95.8 per cent of the budgeted amount for the year.”
In 2024, he added, its Gross Written Premium rose significantly to N13.03bn, up from N8.16bn in 2023; This reflects a N4.87bn increase in value representing a 59.6 per cent growth year-on-year.

The chairman said the impressive growth was driven by several key factors such as higher business renewals, contributing to portfolio stability and expansion, increase in motor insurance premium rates, boosting revenue from this segment, growth in the number of insured vehicles, expanding the customer base and favourable foreign exchange movements positively impacting underwriting results.

The Managing Director, Mr Samuel Ogbodu, revealed that the company recorded a profit before tax of N4.1bn in the year under review, compared to N2.5bn achieved in the previous year.

While noting the strategic advances in its operations, he said, “We launched new digital platforms and streamlined customer service channels, increasing accessibility and reducing turnaround times on claims and policy administration.

“Our focus on customer-centric products saw the rollout of tailored solutions, particularly in individual and SME segment.”

Looking ahead, he said it was currently positioned towards meeting the regulatory requirements on recapitalization as evident in the company’s increasing shareholders’ funds.