SUNU Assurances, a prominent insurance provider, experienced substantial growth in 2024, marked by a significant surge in both claims paid and gross written premiums. The company’s commitment to meeting customer needs, coupled with strategic initiatives and favorable market conditions, propelled its financial performance to new heights. The value of claims paid to customers in 2024 reached N3.28 billion, a remarkable 57.8% increase compared to the N2.08 billion disbursed in 2023. This substantial rise underscores SUNU Assurances’ dedication to fulfilling its obligations and providing timely support to its policyholders. Furthermore, this figure represents 95.8% of the budgeted amount for claims, showcasing the company’s accurate forecasting and effective claims management processes.
The company’s gross written premium, a key indicator of its business volume, also witnessed a significant upswing in 2024. Reaching N13.03 billion, the gross written premium represented a substantial 59.6% year-on-year growth from N8.16 billion in 2023. This impressive increase of N4.87 billion signifies the company’s expanding market share and enhanced customer acquisition strategies. This growth was attributed to a combination of factors, including higher business renewals, contributing to a stable and growing portfolio, as well as an increase in motor insurance premium rates, which bolstered revenue from that segment. The growth was further fueled by an expanding customer base, reflected in the increased number of insured vehicles, and favorable fluctuations in foreign exchange rates, which positively impacted underwriting results.
SUNU Assurances’ profitability also experienced a notable improvement in 2024. The company’s profit before tax reached N4.1 billion, a significant increase compared to the N2.5 billion achieved in the previous year. This robust profit growth reflects the company’s successful strategies in managing its operations and capitalizing on growth opportunities within the insurance market. The company’s investments in technology and customer service contributed significantly to its performance. The launch of new digital platforms and the streamlining of customer service channels enhanced accessibility for policyholders and accelerated processing times for claims and policy administration. This customer-centric approach, combined with the introduction of tailored insurance solutions targeting individual and SME segments, further strengthened SUNU Assurances’ market position.
Looking ahead, SUNU Assurances is well-positioned to meet the regulatory requirements for recapitalization, as evidenced by its growing shareholders’ funds. This financial strength ensures the company’s stability and its ability to continue providing robust insurance coverage to its customers. The company remains committed to delivering innovative insurance solutions, enhancing customer experience, and maintaining its strong financial trajectory. By leveraging technology, strengthening customer relationships, and adapting to market dynamics, SUNU Assurances aims to sustain its growth momentum and consolidate its position as a leading insurance provider.
The company’s success in 2024 reflects its proactive approach to adapting to market changes and its focus on customer satisfaction. The substantial increase in claims payouts demonstrates its commitment to honoring its obligations to policyholders, while the growth in gross written premiums signals its expanding market reach and successful customer acquisition strategies. By embracing digital innovation and streamlining its operations, SUNU Assurances has enhanced the efficiency and accessibility of its services, further strengthening its customer relationships.
In conclusion, SUNU Assurances’ performance in 2024 showcased its robust financial health, strategic acumen, and dedication to customer-centricity. The company’s impressive growth in claims paid, gross written premiums, and profitability underscores its successful business strategies and its ability to navigate the complexities of the insurance market. With its focus on recapitalization, technological advancements, and customer-focused solutions, SUNU Assurances is well-positioned to maintain its upward trajectory and deliver long-term value to its stakeholders. The company’s ongoing efforts to enhance customer experience, combined with its commitment to innovation and adaptability, promise continued success in the years to come.
