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07/03/2017

Universal Insurance Posts 7 billion Naira Shareholders funds

When it comes to insurance news update, my hears are always on the ground to ensure that my readers don't miss out on any. Today on INSURANCE, "Universal Insurance Posts Seven (7) Billion Naira Shareholders Funds" was originally posted on Guardian.ng. Below is the news update;

The Universal Insurance Plc disclosed that growth of its shareholders’ funds up to N7 billion and the company’s solvency margin increasing to 5 billion naira.




Universal Insurance Posts 7 billion Naira Shareholders funds

Mr. Ben Ujoatuonu who is the Company’s Managing Director assured that with financial standing, the company is posed to meet its obligations to the clients and the insurance sector apex regulatory body, the National Insurance Commission (NAICOM).


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Against the backdrop of reports suggesting financial difficulty by the company, Mr. Ujoatuonu said that the NAICOM has overseen the company’s financial report like other operating firms without raising any issue.

Mr. Ujoatuonu recalled that last year when its financial reports for 2015 was submitted to NAICOM, the company was only directed to give all its assets titles in its name.

Further, the Managing Director explained that the company has successfully transferred all its asset titles to meet with NAICOM’s directive and is now ready for capital verification.

Commenting on insurance practice in Nigeria, he identified as the greatest challenge the prevailing low insurance penetration in terms of patronage.


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Mr. Ben Ujoatuonu noted that government has put a lot of restrictions on spending, while corporate Nigerians reduced their assets and asked insurance companies to conceal their renewable policies.

However, he expressed optimism that micro and retail insurance remained the only way out for insurers even though there is poor disposable income among the masses.

Meanwhile, subject to NAICOM’S approval, it has concluded plans that before the end of first quarter of this year, to open four new branches in Aba, Umuahia, Warri and Kaduna... Please read the complete news here from theGuardian.

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