SUNU Assurances Plc has released its financial performance for the full year ending December 31, 2023.
According to the filling released on the floor of Nigerian Exchange Group ( NGX), the underwriter’s robust earnings forecast, profit or loss account information, and cash flow details underscored strength and resilience in the market.
Gross Written Premium for the period was projected at N7.3 billion representing 28.5 per cent growth over N5.7 billion projected for Q3-end 2023 and 27.3 per cent growth year-on-year.
Gross claims incurred relating to 2023 businesses were projected based on three years claims experience.
Investment income arising from the placement with banks and fixed interest Government securities was projected at an average of 6.1 per cent and 2.5 per cent per annum respectively.
The following non-cash transactions were included in the Statement of Profit or Loss and Other Comprehensive Income.
Reinsurance expenses was budgeted at 32.27 per cent of Gross Premium Income. The projections were based on the underwriting projected revenues on the various product lines. We also took into consideration of increase in the capacity of various lines of treaties in 2023 due to increase in shareholders funds.