Ebere Nwoji
Shareholders of Sunu Assurance Company Plc, have commended the board and management of the company for successfully navigating the capital-raising process amid the industry’s transition to higher minimum capital requirements.
The shareholders gave the commendation at the company’s 2025 annual general meeting held in Lagos recently.
The successful recapitalisation followed the introduction of new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Chairman of SUNU Assurances Nigeria Plc, Mr. Kyari Bukar said the board and management had acted proactively by developing a comprehensive recapitalisation strategy and obtaining shareholders’ approval for the necessary resolutions.
He said the successful exercise had strengthened the company’s ability to pursue its long-term strategic objectives and placed it in a stronger position to take advantage of emerging opportunities in the insurance market.
He said having met the Minimum Capital Requirement, SUNU is now well positioned to pursue sustainable growth while maintaining a strong capital base and proactive regulatory readiness.
The Managing Director/Chief Executive Officer of the company Mr. Samuel Ogbodu on his part said the company’s gross insurance revenue rose by 41.1 per cent from N15.3 billion in 2024 to N21.6 billion in 2025, while Gross Premium Written increased by 30.05 per cent from N13.03 billion to N17 billion.
He said net premium income of the company also increased by eight per cent to N9.06 billion.
He said the company would use the strengthened platform to deepen its presence across corporate, SME, retail, broker and partnership channels. The Chairman added that the growth reflected the company’s expanding customer base, stronger market penetration and continued consolidation of its presence in key business segments, including motor and general insurance.