SUNU Assurances declares N3.59b PAT for 2024
SUNU Assurances Nigeria PLC has declared N3.59b as its profit after tax at the close of the 2024 financial year account. This was disclosed at its 38th Annual General Meeting (AGM) held in Lagos, marking a substantial 57.8 per cent increase from the N2.08 billion paid out in 2023. Also, the company’s Gross Written Premium […]
SUNU Assurances Nigeria PLC has declared N3.59b as its profit after tax at the close of the 2024 financial year account.
This was disclosed at its 38th Annual General Meeting (AGM) held in Lagos, marking a substantial 57.8 per cent increase from the N2.08 billion paid out in 2023.
Also, the company’s Gross Written Premium (GWP) for the year 2024 reached N13.03 billion, a significant increase from N8.16billion in 2023.
This growth of N4.87 billion, representing a 59.6 per cent rise, also surpassed the full-year budget of N10.16 billion by an impressive 128.3 per cent.
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The firm’s chairman, Mr Kyari Abba Bukar, in his speech, described the 2024 year as impressive, adding that the revenue growth was driven by several key factors such as higher business renewals, contributing to portfolio stability and expansion.
He highlighted other factors including increase in motor insurance premium rates, boosting revenue from this segment, growth in the number of insured vehicles, expanding customer base and favourable foreign exchange movements as positive impact to the underwriting results.
During the meeting, shareholders received and considered the Consolidated Audited Financial Statements of the company and its subsidiaries for the year ended December 31, 2024, along with reports from the directors, audit committee, external auditors and regulators.
A significant resolution was the approval of the declaration of a dividend of 10k per share on 50k ordinary shares for the financial year ended December 31, 2024, which is scheduled for payment on Monday, June 16, 2025.
The firm’s MD/CEO Samuel Ogbodu said the dividend for the 2024 financial year reflected their commitment to delivering value to their shareholders and underscores their robust financial performance.