SUNU aims for top 10 position in insurance industry

Sunu Assurance Nigeria Plc said it will explore opportunities in the insurance industry, as part of its aspiration to become one of the top ten insurance companies over the next five years.

The company’s Managing Director, Mr Samuel Ogbodu, stated this yesterday in Lagos, during a news conference. According to him, the company is working hard to ensure better profitability, in order to meet the expectations of of its core investors.

“We want to do business the way it should be done, to serve customers and stakeholders better. We are working hard to increase Nigeria’s contribution in the group as the biggest economy in Africa.

How they intend to achieve this – According to Mr Ogbodu, the goal can be achieved by exploring the numerous opportunities in the insurance industry. He said with locations across the six Geo-political zones, it would drive growth through technology and physical presence.

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Taking advantage of Nigeria’s population- He further explained that the company will take advantage of the country’s population to boost its market share in the industry, stressing that it would increase its focus on the retail market to bring insurance to 180 million Nigerians in every nooks and crannies of the country.

Leveraging the group- Mr Ogbodu also stated that the Nigerian subsidiary plans to leverage the success and expertise of its group – SUNU Assurance Group – to drive growth.

Working towards the goal – The recent appointing Mr Samuel Ogbodu as Managing Director, is one of the steps taken to towards this new this new set goal.

Also, the company recently launched an innovative mobile USSD insurance solution, which it claimed was first of it’s kind. It is a self service solution that enables car owners or users to purchase third party auto insurance with the use of their mobile phones in less than five minutes.

In the meantime, performance doesn’t suggest growth – Sunu Assurance Nigeria Plc could most likely declare a loss for full-year 2018, at least going by the half-year 2018 result so far released. According to the un-audited result, the company generated a gross premium written of N1.6 billion and a loss after tax of N622.9.

At this rate, the probability of a full-year 2018 loss is high, unless the company was able to grow between July and December last year.

In 2017, it made only N42.3 million in profit, a slight improvement compared to a N1.5 billion worth of loss in 2016.