{"id":26973,"date":"2020-12-17T19:38:23","date_gmt":"2020-12-17T18:38:23","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=26973"},"modified":"2021-10-07T00:23:43","modified_gmt":"2021-10-07T00:23:43","slug":"insurance-firm-completes-first-phase-of-recapitalisation","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/insurance-firm-completes-first-phase-of-recapitalisation\/","title":{"rendered":"Insurance firm completes first phase of recapitalisation"},"content":{"rendered":"

By Moses Uwagbale<\/strong><\/p>\n\n\n

SUNU Assurance reports it has completed the first phase of its recapitalisation plan within the stipulated time by increasing its shareholders fund to N 6.61 billion in 2020 from N3.47 billion in 2019.<\/p>\n\n\n

Mr Samuel Ogbodu, SUNU Managing Director\/CEO disclosed this at a media briefing in Lagos on Thursday.<\/p>\n\n\n

He said that the figure represents a 90 per cent growth after shares reconstruction and capital injection of N3.01 billion.<\/p>\n\n\n

Ogbodu said that this was in line with the company\u2019s strategic business transformation plan to comply with N10 billion regulatory capital requirement for the operation of general business insurance in Nigeria.<\/p>\n\n\n

\u201cAs we are all aware of the current economic challenges faced by all sectors in Nigeria, which led to contraction in the second and third quarter Gross Domestic Product (GDP) of 2020 , SUNU Assurance has continued to grow its market share.<\/p>\n\n\n

\u201cThe company will close the year with a premium production of at least N3.15 billion in 2020 from a premium production of N2.24 billion in 2019, which represents a 40 per cent growth.<\/p>\n\n\n

\u201cThis is due to the restructuring initiatives and strategic business transformation carried out in recent quarters to mitigate the effect of economic challenges,\u2019\u2019 he said.<\/p>\n\n\n

According to him, the firm will close the year with claims pay-out of N1.29 billion, while its underwriting profit grew to N1.22 billion in 2020 from N781 million in 2019.<\/p>\n\n\n

The managing director said that the amount represented a growth of 56.2 per cent, which was due to improved technical efficiency in business operations.<\/p>\n\n\n

He said the company would continue to focus on its strengths, centered on technologically different service delivery and operation.<\/p>\n\n\n

Ogbodu said that the firm was developing in line with initiatives that would delight its customers, geared toward being a customer-centric company with firm aspirations of achieving sustained and orderly growth in future.<\/p>\n\n\n

 The CEO said that the company remained committed to its strategic objectives and core values.<\/p>\n\n\n

\u201cThere is still much to do, and the business challenges posed by the second wave of the pandemic might present difficulties and uncertainty in 2021.<\/p>\n\n\n

\u201cBut SUNU Assurance Nigeria will ensure continuous improvement of service delivery to insuring public and we will come out stronger while the company rounds-up the execution of its recapitalisation plans.<\/p>\n\n\n

\u201cWe pledge to generate the value expected by our shareholders, customers and employees,\u2019\u2019 he said.<\/p>\n\n\n

The National Insurance Commision (NAICOM) had directed that insurance companies pay 50 per cent of the minimum paid-up capital.<\/p>\n\n\n

Re-insurance companies are expected to pay 60 per cent, by Dec. 31, 2020.<\/p>\n\n\n

In the segmentation, Life Insurance business with existing minimum paid-up capital of N2 billion is expected to pay a minimum paid \u2013 up capital of N4 billion by Dec. 31, 2020 and N8 billion by Sept. 30, 2021.<\/p>\n\n\n

General Insurance business with existing minimum paid-up capital of N3 billion is expected to pay a minimum paid-up capital of N5 billion by Dec. 31, 2020 and N10 billion by Sept. 30, 2021.<\/p>\n\n\n

Composite Insurance business with existing minimum paid-up capital of N5 billion is expected to pay a minimum paid-up capital of N9 billion by Dec. 31. 2020 and N18 billion by Sept. 30, 2021.<\/p>\n\n\n

Reinsurance business with existing minimum paid-up capital of N10 billion is expected to pay a minimum of N12 billion by Dec. 31, 2020 and N20 billion by Sept. 30, 2021.<\/p>\n\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

By Moses Uwagbale SUNU Assurance reports it has completed the first phase of its recapitalisation plan within the stipulated time by increasing its shareholders fund to N 6.61 billion in 2020 from N3.47 billion in 2019. Mr Samuel Ogbodu, SUNU Managing Director\/CEO disclosed this at a media briefing in Lagos on Thursday. He said that […]<\/p>\n","protected":false},"author":1,"featured_media":26980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,126],"tags":[],"class_list":["post-26973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-trade-and-industry","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nInsurance firm completes first phase of recapitalisation - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/insurance-firm-completes-first-phase-of-recapitalisation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance firm completes first phase of recapitalisation - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"By Moses Uwagbale SUNU Assurance reports it has completed the first phase of its recapitalisation plan within the stipulated time by increasing its shareholders fund to N 6.61 billion in 2020 from N3.47 billion in 2019. 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