SUNU Assurances Nigeria Plc, a member of SUNU Group, has demonstrated strong performance 2024 financial year by paying N3.28 billion in claims and  posting profit after tax of N3.59 billion.

This result marked a substantial 57.8 per cent increase from the N2.08 billion paid out in 2023, which underscored the company’s dedication to meeting its obligations despite economic challenges.

The company’s Gross Written Premium (GWP) for the year 2024 reached N13.03 billion, a significant increase from N8.16billion in 2023.

This growth of N4.87 billion, representing a 59.6 per cent rise, also surpassed the full-year budget of N10.16 billion by an impressive 128.3 per cent.

At its recent annual general meeting, which was held in Lagos last week, a resolution was approved for the payment of of the declaration of for the financial year ended December 31, 2024, which is scheduled for payment on Monday, June 16, 2025.

In his speech at the 38th annual general meeting (AGM), the Chairman of SUNU Assurances, Mr. Kyari Abba Bukar, said that the impressive revenue growth was driven by several key factors such as higher business renewals, contributing to portfolio stability and expansion.

Bukar said that other factors are increase in motor insurance premium rates, boosting revenue from this segment, growth in the number of insured vehicles, expanding customer base and favourable foreign exchange movements, positively impacting underwriting results.

Speaking during the AGM, the Managing Director/ Chief Executive Officer of Sunu Assurance Plc, Mr. Samuel Ogbodu, said: “We are delighted to have successfully concluded our 38th Annual General Meeting. The approval of the dividend for the 2024 financial year reflects our commitment to delivering value to our shareholders and underscores our robust financial performance. This meeting was a vital platform for engaging with our esteemed shareholders, reinforcing our dedication to transparency and strong corporate governance. We look forward to building on these achievements and driving sustainable growth in the coming year.”