SUNU Assurance announces N4.2bn GPW in 2020


L –  Executive Director, SUNU Assurances, Mr Adeleke Hassan, Managing Director and Chief Executive Officer, SUNU Assurances, Mr Samuel Ogbodu and Chairman Board of Directors, SUNU Assurances, Mr Kyari Abba Bukar at the 2020 Annual General Meeting of SUNU Assurances PLC held today in Lagos.


By Favour Nnabugwu



SUNU Assurances Nigeria Plc has announced a Gross Written Premium (GWP) of N4.209 billion in the financial year 2020.from N3.060 billion in 2019

The Group also recorded a growth in its  Profit Before Taxation (PBT) of N313.41 million in 2020.

This represented growth of N1.149 billion in value and 37.5 per cent in percentage terms and the growth was due to the Group’s strategic decisions on revenue generation.

The net claims incurred for the Group increased by 14 per cent from N658 million in 2019 to N752 million in 2020.

However, the underwriting profit grew by 38% from N1.189 billion in 2019 to N1.636 billion in 2020. This was due to 34 per cent increase in total underwriting income from N2.429 billion in 2019 to N3.246 billion in 2020.

The Group operating expenses for 2020 totalled N1.846 billion, which was 3.5 per cent decrease when compared to 2019 figure of N1.913 billion. This decrease was as a result of the Group’s deliberate strategy to improve its operational efficiency using information technology.

The investment income for the year amounted to N345.58 million, a decrease of 52 per cent over 2019 figure of N719.53 million. This was attributed to the fall in investment rate on placements held with financial institutions and FGN Securities in most part of 2020 financial year when compared to 2019.

The company recorded a loss before taxation of N188 million in 2019, despite the effects of COVID -19 pandemic.

The Chairman of the company, Kyari Abba Bukar while presenting the results to shareholders today at the 34th annual General Meeting of the Company held in Lagos, said he excited that the Group has returned to profitability during the year under review.

He disclosed that the company has proceeded with its plan to raise capital, noting that the Board of Directors in exercise of the mandate by Shareholders mandated SUNU Participations Holding SA and SUNU Assurances Vie Cote D’Ivoire SA on behalf of the company to pay-off the holders of all the JPY1,350,000,000 Zero Coupon Bonds 2026 issued by the company the sum of USD$7,800,000.00, representing the outstanding indebtedness owed to the Bondholders by the company as at 31st December, 2019.

He explained that upon the repayment of the debt, the total refinancing amount which was converted to equity through the allotment of ordinary shares to SUNU Participations Holding SA and SUNU Assurances Vie Cote D’Ivoire SA was agreed at N3,010,800,000.00 ($USD7,800,000 converted to Naira at N386/USD$1 using the exchange rate at I&E window at the date of the consummation of the transaction).

He said: “The issuance of 3,010,800,000 ordinary shares of 50 kobo each at N1.00 per share by way of private placement to SUNU Participations Holding SA and SUNU Assurances Vie Cote D’Ivoire SA was completed with the regulatory approvals received from NAICOM, SEC, Federal High Court, NSE, CSCS, CAC and FRCN.

“The shareholders fund increased from N3.66 billion as at 31st December, 2020 to N6.67 billion as the date of the AGM. It is expected that the second stage of the raising of additional capital by way of Rights Issue of N3.5 billion would commence in July 2021 and would be completed by 30th September, 2021.

“I would therefore urge the minority shareholders to take advantage of the Rights Issue offer to increase their shareholding given the requirement of the free float rule of the NSE which requires the company to maintain twenty percent (20%) of its issued share capital to be made available to the public and held by not less than three hundred (300) shareholders,” he added.

Nigerians in Germany to bid Oguchi Unachukwu farewell

Oguchi Unachukwu (middle) was a beloved member of the Nigerian community in Hamburg, Germany/Photo: Private


By admin


Nigerians from across the length and breadth of Germany will gather in Hamburg today, Saturday, to bid farewell to Oguchi Unachukwu, who was shot in May while he was visiting his homeland.

Unachukwu, a very active member of several Nigerian organisations in Hamburg, was shot by a yet to be identified officer of the Nigerian Airforce on 31 May in the presence of his wife, two of his children and a relative while he was driving into the premises of the Owerri airport to catch his flight to Lagos for his return journey to Germany.

“We are appealing to all Africans, friends and well-wishers here in Hamburg and within Germany to please come out en masse and support us on Saturday, the 31st of July 2021, for the wake keep of my brother Late Mr Oguchi Unachukwu,” Chi chi Unachukwu Uwadiegwu, a brother of the deceased, appealed in a Facebook post.
Among the activities planned for the farewell on Saturday are a football match between the Nigerian Community Germany FC Hamburg and Billstrasse Boys which will take place at 2pm and a wake keeping ceremony later at 5pm.

Meanwhile, calls continue to be made to the authorities in Nigeria to identify the military officer who shot Unachukwu and bring him to justice. The issue has also been tabled in the Federal House of Representatives, with the parliamentarians calling on the military authorities to find and punish the murderer of the Hamburg-based Nigerian.

The southeastern region of Nigeria, where Unachukwu was killed, is currently mired in insecurity. In reaction to arson attacks against police stations and other government installations by unknown persons, security forces have been accused of committing extra-judicial executions and other grave human rights violations

Aon records 16% increase in revenue for Q2 2021

By admin




Aon has reported that its overall revenues grew 16 percent to $2.9 billion, backed by organic revenue growth of 11 percent across its broking, consulting and advisory businesses.

Insurance and reinsurance broker Aon reported particularly strong growth for Q2, with 9 percent organic revenue growth in reinsurance overall.

Aon got double-digit growth in capital market transactions such as catastrophe bonds and insurance-linked securities (ILS).

Organic revenue growth continues to be very strong for the brokers and Aon reported 14 percent growth in commercial risk broking and 9 percent in reinsurance broking for the second-quarter.

As a result, reinsurance revenues reach $500 million for the quarter for Aon, 12 percent higher than the $448 million reported in the prior year period.

Reflecting high-levels of activity in the insurance-linked securities (ILS) market during the second-quarter of the year, which you can read all about in our latest report here, Aon reported a particularly strong quarter for its Aon Securities unit.

Aon said that its 9 percent reinsurance organic revenue growth reflects growth in treaty, thanks to net new business wins globally, and solid growth in facultative reinsurance placements as well.

But outpacing those, Aon also reports that it experienced double-digit growth in capital markets transactions.

Aon has a particularly active capital market unit (in Aon Securities), with a significant market share in ILS structures, especially catastrophe bonds, as our leaderboard shows.

Capital market transactions, such as ILS and catastrophe bonds, can deliver significant revenues, but tend to be lumpy across the year, due to peaks of issuance.

This year promises to perhaps be a little more balanced, as both the first and second quarters have already been active, while Q3 is already quite active for the time of year and more cat bonds are expected later this quarter.

The final quarter of the year is also anticipated to be busy and Aon recently said it expects a strong chance of a record year for the catastrophe bond market.

That should give the broker further opportunity to drive organic revenues higher with the help of capital market and ILS transactions over the rest of 2021.