By Bisi Bamishe
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.
The company disclosed this at its Annual General Meeting (AGM), where shareholders commended the Board and Management for successfully navigating the capital-raising process amid the industry’s transition to higher minimum capital requirements.
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, Mr. Samuel Ogbodu on his part, said 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 stated that this is just as Net premium income 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 recapitalisation comes on the back of strong growth in the company’s core insurance business.
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.
He noted that investment income also increased by nearly 13.9 per cent during the year, supported by favourable placements with financial institutions.
However, profitability came under pressure during the year as the business operated in a difficult macroeconomic environment, he said.
Mr. Bukar disclosed that the rising inflation increased insurance service expenses, while higher reinsurance treaty expenses and foreign exchange movements also weighed on earnings.
He said: “The stronger naira against the dollar resulted in a foreign exchange loss, while lower other operating income compared with the previous year further affected the bottom line. This made the Net profit to stand at N1.53 billion, compared with about N3 billion in 2024.
“Despite the earnings pressure, the company maintained balance-sheet resilience, with total assets rising by more than four per cent to N24.38 billion and shareholders’ funds increasing by about six per cent to N14.5 billion”, he added.
Speaking on the company’s growth priorities, the MD said the company’s strategy for 2026 would focus on operational efficiency, market expansion, digital transformation and product innovation.
He said SUNU would improve claims management and internal processes, strengthen cost optimisation and accelerate digital adoption to provide faster and more accessible services to customers.
“The company will also develop products tailored to the protection needs of individuals, households and businesses, with particular attention to retail and SME customers. Similarly, the company would continue to strengthen its risk management and compliance framework as the regulatory environment evolves.
Meanwhile, shareholders at the AGM sought continuity even as they commended the Board and Management for the successful recapitalisation, with one shareholder urging the Chairman whose tenure ends this year to ensure that his successor builds on the progress already achieved.
The shareholder, Chibuzor Godfrey the next Chairman should be someone capable of adding value and sustaining the confidence of investors.
Some other shareholders also commended the company’s claims payment record and the engagement maintained with investors throughout the recapitalisation process.
The hybrid format of the AGM also received praise, with shareholders saying it provided an opportunity for direct interaction with the Board and Management.
Another shareholder, Mrs. Esther Obideyi also challenged the company to make greater use of artificial intelligence and digital platforms to market its insurance products and increase its visibility among potential customers.
The company said digital transformation and customer experience would remain important components of its growth strategy.
The AGM marked the final meeting of the current Chairman, whose tenure on the Board will expire before the next AGM.
In his farewell remarks, he expressed confidence in SUNU’s future, saying the company was well positioned to continue growing and creating sustainable value for its stakeholders.
The Board also announced the appointment of Mrs Lucie Tannous Barry and Mr Roland Ouedraogo as Non-Executive Directors and Mr Olayinka Adaramola as Executive Director, Technical Operations.
The appointments, for which the requisite NAICOM approvals were obtained, are expected to further strengthen the Board’s skills, experience and strategic capacity.
Caption
From Left: Executive Director, Technical Operations, Olayinka Adaramola; Managing Director/CEO, Samuel Ogbodu; Chairman, Board of Directors, Kyari Bukar; Company Secretary/Head Legal, Taiwo Kuku; Executive Director, Risk Management & Control, Elie Ogounigni during the 39th Annual General Meeting held in Lagos.
