Last Update18 Jun 25
Subject: SUNU Assurances Plc Delivers Outstanding FY 2024 Results, Declares Dividend Amid Strong Growth
SUNU Assurances Nigeria Plc, a subsidiary of the SUNU Group, has delivered an impressive financial performance for the 2024 fiscal year, further establishing its credibility in the Nigerian insurance sector.
Key Highlights:
- Profit After Tax Hits N3.59 Billion SUNU posted a profit after tax of N3.59 billion, signaling strong operational efficiency and effective cost management.
- Claims Paid Rose by 57.8% In a clear demonstration of its commitment to policyholders, the company paid out N3.28 billion in claims, up significantly from N2.08 billion in 2023. This is particularly noteworthy given Nigeria’s challenging macroeconomic environment.
- Gross Written Premium Surged by 59.6% Gross Written Premium (GWP) grew to N13.03 billion in 2024, from N8.16 billion in 2023—an increase of N4.87 billion. This represents a 59.6% YoY growth and outperformed the company’s full-year budget of N10.16 billion by 128.3%.
- Dividend Declared At its 38th Annual General Meeting held in Lagos, shareholders approved a dividend of 10 kobo per 50 kobo share, payable on June 16, 2025, marking a direct reward for investors following a year of strong growth.
- Drivers of Growth Chairman Kyari Abba Bukar attributed the robust performance to:
- Higher business renewals, ensuring portfolio stability.
- Increased motor insurance premium rates, enhancing revenue in that segment.
- Expanded customer base, through growth in insured vehicles.
- Favourable forex movements, which positively impacted underwriting results.
- Strong Governance and Shareholder Engagement Managing Director/CEO Mr. Samuel Ogbodu emphasized the importance of shareholder engagement and the company’s commitment to transparency, corporate governance, and value creation. The AGM served as a platform to reinforce these principles.
Outlook
With a solid financial base, aggressive premium growth, and strong claims performance, SUNU Assurances is well-positioned for continued expansion and market leadership. The declared dividend not only reflects profitability but also management's confidence in sustaining performance into 2025 and beyond.
Subject: Sunu Assurances Nigeria Plc Projects N1.19bn Profit for H1 2025
Sunu Assurances Nigeria Plc has released its earnings forecast for the first half of 2025, projecting a profit after tax of N1.19 billion.
Key Highlights:
- Projected profit after tax: N1.19 billion
- Insurance revenue: N8.37 billion
- Insurance service expenses: N2.79 billion
- Net expenses from reinsurance contracts: N2.4 billion
- Pre-tax profit projection: N1.68 billion
- Total operating expenses: N2.05 billion
- Net cash flow from operating activities: N2.34 billion
- Cash and cash equivalents expected to rise to N14.08 billion by June 2025.
Subject: SUNU Assurances Plc Delivers Outstanding FY 2024 Results, Declares Dividend Amid Strong Growth
SUNU Assurances Nigeria Plc, a subsidiary of the SUNU Group, has delivered an impressive financial performance for the 2024 fiscal year, further establishing its credibility in the Nigerian insurance sector.
Key Highlights:
- Profit After Tax Hits N3.59 Billion SUNU posted a profit after tax of N3.59 billion, signaling strong operational efficiency and effective cost management.
- Claims Paid Rose by 57.8% In a clear demonstration of its commitment to policyholders, the company paid out N3.28 billion in claims, up significantly from N2.08 billion in 2023. This is particularly noteworthy given Nigeria’s challenging macroeconomic environment.
- Gross Written Premium Surged by 59.6% Gross Written Premium (GWP) grew to N13.03 billion in 2024, from N8.16 billion in 2023—an increase of N4.87 billion. This represents a 59.6% YoY growth and outperformed the company’s full-year budget of N10.16 billion by 128.3%.
- Dividend Declared At its 38th Annual General Meeting held in Lagos, shareholders approved a dividend of 10 kobo per 50 kobo share, payable on June 16, 2025, marking a direct reward for investors following a year of strong growth.
- Drivers of Growth Chairman Kyari Abba Bukar attributed the robust performance to:
- Higher business renewals, ensuring portfolio stability.
- Increased motor insurance premium rates, enhancing revenue in that segment.
- Expanded customer base, through growth in insured vehicles.
- Favourable forex movements, which positively impacted underwriting results.
- Strong Governance and Shareholder Engagement Managing Director/CEO Mr. Samuel Ogbodu emphasized the importance of shareholder engagement and the company’s commitment to transparency, corporate governance, and value creation. The AGM served as a platform to reinforce these principles.
Outlook
With a solid financial base, aggressive premium growth, and strong claims performance, SUNU Assurances is well-positioned for continued expansion and market leadership. The declared dividend not only reflects profitability but also management's confidence in sustaining performance into 2025 and beyond.
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