Union Assurance Company Limited has announced a gross premium income of N4.30billion in 2012, showing a 12 percent improvement from the N3.84 billion in 2011.
Net premium income stood at N3.549billion as against N2.874billion in the previous year.
Emeka Emuwa, chairman of the Company said the Life and retail portfolio increased its turnover by 61.7percnt from N1.040billion in 2011 to N1.681billion in 2012.
Accordingly, the company recorded a substantial increase of 21.5percent in claims settlement within the period of review, recording N955million from N786million paid out in 2011.
Emuwa said “this was largely due to the occurrence of a number of one off claims.”
Highlight of the result showed loss before tax of N577.939million in 2012 as against N89.376million loss in 2011 and a short fall in paid-up capital which stood at N3.757billion as a composite company.
The board however assured that the company is in the process of making it up to the statutory requirement of N5billion which has been duly acknowledged by the National Insurance Commission (NAICOM)
On the future outlook, the Union Assurance boss assured that 2013 promises to be an interesting and rewarding year, the stringent regulatory changes notwithstanding. He said the management is committed to pursuing strategies that would bring about optimum utilization of resources and reducing costs.
The chairman further stressed the desire of the management to retool agencies for expanded operations and business growth.
“We expect them to triple premium revenue over the next few years and hope to consolidate our investment income to maximize result.” He said.
According to him Union Assurance Management is committed to pursuing strategies that will bring optimum utilization of resources and reducing cost.
Moving forward he said that the company will continue to overhaul its system and processes to support the rapid growth in its Life and Retail Businesses.
