SUNU Assurances clears recapitalisation hurdle, targets expansion

SUNU Assurances Nigeria Plc has successfully cleared the insurance industry’s recapitalisation hurdle, strengthening its capital base and positioning the company for renewed growth across the Nigerian market. During its Annual General Meeting, shareholders commended the board and management for navigating the capital-raising process amid the industry’s transition to higher minimum capital requirements under the Nigerian Insurance Industry Reform Act 2025.

The company reported a 41.1 per cent increase in gross insurance revenue and a 30.05 per cent increase in gross premium written, while net premium income appreciated by eight per cent. Despite profitability facing headwinds due to macroeconomic challenges, SUNU’s balance sheet remains resilient with total assets rising by over four per cent and shareholders’ funds growing by six per cent.

The company plans to leverage its recapitalised platform to deepen market penetration across various channels and focus on operational efficiency, claims management, digital adoption, and product innovation for 2026.

Brief written by urgent.news from Punch's own syndicated text. Machine-written — may contain errors; check the original before relying on it.