By Bisi Bamishe
Unitrust Insurance Company Limited, one of the frontline general insurers in Nigeria clocks 35 years today.
Managing Director/Chief Executive Officer, Mr John Ijerheime, while speaking on the 35 years anniversary, said the firm is a service-oriented company desirous of an intimate relationship with its customers by understanding the risk exposure inherent in their businesses and proffering solutions.
Founded in 1981 whilst commencing service in 1986, Unitrust insurance was authorized by Corporate Affairs Commission RC- 42899 and National Insurance Commission (NAICOM) to carryout contracts of general Insurance business under the following categorization; Motor, Marine & Aviation, Personal Accident &Travel Medical Assistant, Workmen Compensation/Employers Liability, Public/products Liability, Bonds, Burglary, Goods-in-Transit, Fidelity Guarantee, Professional Indemnity and Directors/ Occupiers Liability.
According to Ijerheime, the company’s business is driven by process digitalization and products innovation, stressing that Unitrust Insurance Co Ltd offers the right impetus for business growth.
“Our approach is simple and does not premise itself on any assumption, we operate in line with the core business ideals and values thereby satisfying our numerous customers. Unitrust prides itself on operational excellence which can be directly attributed to our highly competent work force,” he said.
Speaking on the companies performance in year 2020, he noted that the firm closed the year with a Gross Premium Written (GPW) of N3.98 billion, representing a year-on-year growth rate of 13 per cent during the corresponding period of 2019.
The company ‘s Profit After Tax (PAT) for the year stood at N747.172 million against recorded in 2019 and that in the same vein, the company’s underwriting profit improved significantly as the total of N802.194 million achieved from N 301.759 million reported in the 2019 financial year. The claims paid for the year was N1.08 billion, he said.
Ijerheime reiterated that against the backdrop of challenges that characterised the year, the company delivered an outstanding performance across key metrics.
“Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies. Yet, in the face of prevailing circumstances the Company delivered impressive results during the year,” he added.
