SUNU Assurances has stated that the value of the claims it paid to customers in 2024 rose by 57.8 per cent to N3.28bn from N2.08bn in 2023.

This was disclosed at the 38th Annual General Meeting of the firm held in Lagos on Friday.

Presenting the annual report, the Chairman of the company, Kyari Abba Bukar, 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 that SUNU Assurances saw its Gross Written Premium rise significantly to N13.03bn, up from N8.16bn in 2023, indicating a N4.87bn increase in value, representing a 59.6 per cent growth year-on-year.

Bukar averred that the impressive growth was driven by several key factors, such as higher business renewals contributing to portfolio stability and expansion, an 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, in his comments, 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 improvement in SUNU Assurances’ performance, Ogbodu 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 the individual and SME segments.”

On the outlook, he said the firm was currently positioned towards meeting the regulatory requirements on recapitalisation, as evident in the company’s increasing shareholders’ funds.