Unitrust Insurance paid N3.2bn claims in 2023
Chief Executive Officer, Unitrust Insurance, Adedayo A. Arowojolu
Nike Popoola
Unitrust Insurance Company Limited paid N3.2bn claims in 2023, as part of its commitment to settle claims of its customers promptly.
The underwriting company disclosed this in a statement on its financial performance for the year ending December 31, 2023.
The company achieved significant milestones across its financial metrics, reinforcing its position as a leading player in the insurance industry.
Following the adoption of the new IFRS 17 standards, the company reported insurance revenue of N6.9bn, resulting in 30% increase compared to N5.3bn recorded in 2022.
This growth is attributed to improvement in service delivery, customer, and strategic expansion into new market segments.
Unitrust successfully navigated the storming macroeconomics environment in 2023 by deploying cost optimization and initiatives to deliver Profit Before Tax of N2.4bn and Profit After Tax of N1.7bn from N178m Profit Before Tax and N185m Profit After Tax in 2022, showing a remarkable growth of 1,264% and 858%, respectively.
This robust performance is a testament to the operational efficiency and prudent investment strategies.
In 2023, Unitrust embarked on several strategic initiatives aimed at driving growth and enhancing customer experience and ensured commitment to sustainable business practices.
The company is optimistic about future growth and committed to offering its numerous customers quality service delivery.
