SUNU Assurances clears recapitalisation hurdle, targets expansion
SUNU Assurances Nigeria Plc successfully clears the insurance industry’s recapitalisation hurdle, strengthening its capital base and targeting market expan Read More: https://punchng.com/sunu-assurances-clears-recapitalisation-hurdle-targets-expansion/
SUNU Assurances Nigeria Plc has successfully met the insurance industry's recapitalisation requirements, bolstering its capital base and positioning itself for growth in the Nigerian market, according to its AGM. The company reported a 41.1 per cent increase in gross insurance revenue to N21.6bn in 2025, up from N15.3bn in 2024.
Meanwhile, gross premium written grew 30.05 per cent to N17bn from N13.03bn. However, profitability faced challenges due to macroeconomic issues like inflation and exchange rate fluctuations. Managing Director/CEO Samuel Ogbodu said the recapitalised platform would enable SUNU to expand its market reach across various channels. The board received praise for its proactive recapitalisation strategy and shareholder approval process.
Shareholders also urged the board to focus on operational efficiency, claims management, digital adoption, and product innovation. New non-executive directors Lucie Barry and Roland Ouedraogo were appointed to the board.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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