SUNU ASSURANCES CLEARS RECAPITALISATION HURDLE, TARGETS EXPANSION

SUNU Assurances Nigeria Plc has successfully met the insurance industry’s new minimum capital requirement, strengthening its financial position and positioning the company for further expansion across the Nigerian market.

The company disclosed this at its Annual General Meeting, where shareholders commended the board and management for successfully completing the recapitalisation exercise amid the industry’s transition to higher capital requirements under the Nigerian Insurance Industry Reform Act 2025.

Chairman of SUNU Assurances, Kyari Bukar, said the board had adopted a proactive recapitalisation strategy and secured the necessary shareholder approvals.

He said meeting the new capital requirement had placed the company in a stronger position to pursue sustainable growth and take advantage of emerging opportunities in Nigeria’s insurance market.

The company’s Managing Director and Chief Executive Officer, Samuel Ogbodu, disclosed that gross insurance revenue increased by 41.1 per cent, from ₦15.3bn in 2024 to ₦21.6bn in 2025.

Gross premium written also rose by 30.05 per cent, from ₦13.03bn to ₦17bn, while net premium income increased by eight per cent to ₦9.06bn.

Despite the growth in revenue, profitability came under pressure from rising inflation, higher insurance service costs, foreign exchange movements and increased reinsurance expenses.

Consequently, net profit declined to ₦1.53bn, compared with about ₦3bn recorded in 2024.

However, the company maintained a relatively strong balance sheet, with total assets increasing by more than four per cent to ₦24.38bn, while shareholders’ funds grew by six per cent to ₦14.5bn.

Investment income also increased by 13.9 per cent, supported by returns from institutional placements.

Ogbodu said the company would leverage its recapitalised platform to deepen market penetration across corporate, small and medium-sized businesses, retail, broker and partnership channels.

SUNU Assurances said the stronger capital base would support its expansion strategy, improve underwriting capacity and enable the company to respond more effectively to opportunities in Nigeria’s evolving insurance market.