Shareholders Commend SUNU Assurance for Crossing Recapitalisation Huddle

Shareholders of Sunu Assurance Company Plc have lauded the board and management for successfully completing the capital-raising process amid the industry's shift towards higher minimum capital requirements. This commendation came at the company's 2025 annual general meeting held in Lagos.

The successful recapitalisation was achieved by the board and management, who had proactively developed a comprehensive strategy and obtained shareholder approval for the necessary resolutions. Chairman Kyari Bukar stated that the successful exercise had strengthened the company's ability to pursue its long-term strategic objectives and placed it in a better position to capitalize on emerging opportunities in the insurance market.

With the Minimum Capital Requirement met, SUNU is now well-positioned to pursue sustainable growth while maintaining a strong capital base and staying proactive in regulatory readiness. The Managing Director/Chief Executive Officer, Samuel Ogbodu, reported a 41.1% increase in the company's gross insurance revenue from N15.3 billion in 2024 to N21.6 billion in 2025. Gross Premium Written also rose by 30.05% from N13.03 billion to N17 billion.

Additionally, net premium income increased by 8% to N9.06 billion. Ogbodu expressed that the company would leverage this strengthened platform to expand its presence across various channels, including corporate, SME, retail, broker, and partnership segments. The expansion reflects the company's growing customer base, stronger market penetration, and continued consolidation in key business segments, particularly motor and general insurance.