By Rosemary Iwunze

Universal Insurance Plc said it posted a Gross Written Premium, GWP, of N15.25 billion in the year ended December 31, 2024.
The Managing Director/CEO of the Company, Dr. Jeff Duru, disclosed this in Lagos at a press briefing.

Duru disclosed that as at the first quarter of 2025, the Company achieved a GWP of N8.07 billion, above 100 per cent higher than the target for the quarter.

He said: “Last year, we recorded N15.25 billion in Gross Written Premium (GWP) and profits after tax of N2.8 billion. Our shareholders’ fund as at the first quarter is in the neighbourhood of N16.4 billion when compared to N13.25 billion reported in 2024.

“We are charged to serve the public better to make them have that experience. Our claim payment is top-notch. Our services are top-notch. We are fully computerised. All our personal line products are digitised. You can go through our website, access our products, get your quotes and make payment seamlessly, and you can also initiate claim payment and we follow it up at the backend.

“Universal insurance has come to stay and to serve the industry, give them the peace of mind, give them an excellent customer experience. That is what we are doing.

“As at the first quarter, we have recorded N8.07 billion in terms of GWP, and that was about 130% of our first quarter target. We are progressive, we are highly innovative, and bringing insurance to the doorstep of our customers, with seamless operations, accessibility and affordability. Our products are highly affordable. You can try us and you will get the best service with peace of mind.”

On products and initiatives, Duru said, “Our initiatives and products include ‘Shop Insure’ cover. The ‘Shop Insure’ cover was basically designed for shop owners and businessmen that operate businesses at a Small and Medium Enterprise (SME) level. It provides them with fire insurance cover, burglary, cover for personal injury and alternative accommodation during relocation.

“We have OkadaPass. This product was designed for companies, organisations that are into delivery, people that deliver products and services through bike. It’s an online or digital service provision for the delivery business. It covers the bike, the rider and the package, because the package can be of great value to the service providers and personal injury to the riders.”