SUNU Assurances Nigeria Plc has disclosed that its board of directors has approved a plan to raise up to N9.33 billion through a rights issue to existing shareholders.
The decision was announced in a notice filed with the Nigerian Exchange, outlining key resolutions passed at the board meeting held on 9 February 2026, as the company sets its sights on expansion.
According to the notice, the company is authorized to create 2,075,285,714 new ordinary shares of 50 kobo each as part of the capital-raising exercise, subject to regulatory approvals.
Under the approved structure, the new shares will be offered by way of a rights issue on the basis of five new ordinary shares for every fourteen ordinary shares held by qualified shareholders, at an offer price of N4.50 per share.
What the data is saying
The board disclosed that SUNU Assurances Nigeria Plc’s issued share capital stood at N2.9 billion, divided into 5,810,800,000 ordinary shares, prior to the proposed rights issue.
- Following the creation of an additional 2,075,285,714 ordinary shares, the company’s share capital will increase to N3.9 billion, now divided into 7,886,085,714 ordinary shares, subject to regulatory approvals.
The newly created shares will be issued to shareholders whose names appear on the company’s register of members as at the qualifying date, being the date the rights issue application is submitted to the NGX for approval.
- As a result, SUNU’s outstanding shares are expected to rise from 5,810,800,000 to 7,886,085,714 after the rights issue.
At an assumed offer price of N4.50 per share, the company’s market capitalization would expand from approximately N26.1 billion to about N35.4 billion following the issuance.
In the market, however, SUNU’s shares are trading higher at N4.77, up 4.8% on the day as of the close of trading on 10 February 2026.
The renewed investor interest likely reflects the announced rights issue and a strong 2025 performance, during which SUNU reported insurance revenue of N21.6 billion for FY2025.
Get up to speed
According to its published unaudited financial statements on the Nigerian Exchange (NGX), SUNU Assurances Nigeria Plc recorded strong top-line growth in FY2025, with revenue rising to N21.6 billion from N15.2 billion in FY2024.
- After accounting for insurance and reinsurance expenses, the company posted an insurance service result of N6.3 billion.
Investment income rose to N1.5 billion, representing a 13.6% year-on-year increase.
However, higher operating costs weighed profitability, with employee benefit expenses climbing to N1.5 billion and other operating expenses reaching N3.6 billion.
- As a result, operating profit declined to N2.1 billion, down from N4.2 billion in FY2024.
With impairment losses of just N302,000 and finance costs of N4.3 million, profit before tax settled at N2.1 billion, compared to N4.2 billion recorded in the prior year.
What to know
The insurer generated N22.7 billion in gross premiums written, up from N15.4 billion in 2024, reflecting stronger underwriting activity.
- Claims paid rose to N7.8 billion from N4.8 billion in the previous year, indicating increased insurance coverage and claims settlement.
- Total assets increased by 4.7% to N24.4 billion, with cash and cash equivalents of N12.0 billion accounting for a significant portion of the balance sheet.
- Total equity stood at N14.8 billion, while retained earnings were reported at N5.9 billion.
As of the close of trading on 10 February 2026, shares of SUNU Assurances Nigeria Plc were priced at N4.77 per share, down 13.27% year-to-date.
