Saham Unitrust Insurance records N429.9 million underwriting profit
by Modestus Anaesoronye
September 13, 2017 | 1:54 am| | | Start Conversation
Underwriting firm, Saham Unitrust Insurance Nigeria Limited said it recorded a N429.9 million underwriting profit in the 2016 financial year following strong risks management practice and expanded operations.
The company’s net claims expenses also stood at N355.2 million at the end of 2016, attesting to its ability to respond to claims emanating from her numerous policyholders.
John Ijerheime, managing director of the company said despite the challenges in the operating environment, the company delivered an impressive underwriting result in the year under review.
“We will continue to consolidate on our achievements and strategically grow our market share in the industry through our innovative policies and prudent underwriting management,” he said.
Ijerheime also stated that the insurance company will continue to meet the needs of the insuring public by ensuring prompt claims settlement at all times.
He said that Saham Unitrust Insurance is principally engaged in providing insurance services to cater for the needs of corporate and retail sectors of the Nigerian economy, and that the company aims to evolve into a truly diversified financial services institution that provides protection against all forms of insurance risks to all customer agents. While noting that Saham Unitrust’s major business activity is insurance, Ijerheime said that, the Group is currently involved in property management business while also developing its capacity for expansion in the industry.
The Group’s net asset grew by N337.6 million to N7.56 billion at the end of 2016 accounting period. He further said that the Group’s approach to managing capital involves managing assets, liabilities and risks in a coordinated way, assessing shortfalls between reported and required capital level on a regular basis and taking appropriate actions to influence the capital position of the group in the light of changes in economic conditions and risk characteristics.
“The Group’s investment is in accordance with its investment policy, which is compliant with regulatory requirements, Ijerheime said.
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