Wetin dey happen for universal insurance side? My people, make I yarn una as Agusto & Co. don give Universal Insurance Plc new ‘Bbb-‘ credit rating wey dey carry stable outlook! Una know wetin dat mean?

According to di rating agency, e no be joke o! Dem praise di company for di long time wey dem don dey operate, how dem don improve profit, and di beta way dem dey manage dia underwriting performance. Dem no just jump di rating, dem look well and find say Universal get strong solvency position of 184.9 per cent, wey pass di minimum requirement of 100 per cent. Dis one mean say dem fit handle any claim wey de wahala come give dem.

Di ogbonge gist na say Universal Insurance sabi grow! Dem don deep dem relationship with customer and insurance brokers, plus dem dey use beta digital platforms to improve customer experience. As at December 31, 2024, dem shareholders’ funds don reach N13.2 billion— dat be 27 per cent jump from last year. No be small money o!

And my people, hear dis: dem insurance revenue don rise sharp-sharp to N13.8 billion, wey be 71.9 per cent increase from di previous year. But as usual, wahala no dey miss di show. Dem reinsurance arrangements face serious test last year thanks to oil and gas claims wey just dey enter like water. Gross claims more than double reach N3.6 billion, but thanks to reinsurance recovery, dem fit reduce net claims by 48 per cent to N2.3 billion. Dis na good news o!

As a result, average loss ratio don improve by 220 basis points to 14.7 per cent, wey dey far beta pass di industry average of 33.1 per cent. Agusto even talk say di investment portfolio wey Universal Insurance get don grow by 14.5 per cent to N10.5 billion by di end of 2024. Dem dey do well for dis business!

As di performance dey shine, operating cash flow don jump 98.4 per cent to N3.1 billion. No be small tin! Dem fit cover all di claims liabilities 1.5 times, functioning beta pass di industry average, but liquidity matters still dey stable because of rising estimated claims liabilities. Things dey look bright for Universal Insurance!

Dr. Jeff Duru, wey be di Managing Director of di company, don talk, say dem happy for di rating wey Agusto give dem. Him talk say na hard work and di current economic environment dey show for di rating. Duru still add say dem go ensure say dem balance sheet dey strong, and dem go continue to deploy strategies wey go help dem increas di health of dia credit rating.

With all dis awoof gist, we fit say Universal Insurance dey set for beta things ahead as dem strategy dey work! Make we dey watch as dem go carry di market beta places. Na so e be for now. As di news dey unfold, we go carry di latest gist come give una. Stay tuned!