SUNU sets growth plan

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SUNU Assurance Plc has said it is determined to grow its business consistently over the next five years to become one of Nigeria’s 10 largest underwriting companies.

The Managing Director, SUNU Assurance Plc, Samuel Ogbodu, disclosed this at a press conference in Lagos.

He said the company had experienced a remarkable turnaround since the acquisition of the former Equity Assurance Plc by SUNU Assurance Group in 2016.

He added that the insurance company had been transformed from a struggling one on the brink of bankruptcy to a viable insurance company in Nigeria, with a growing reputation for professionalism and prompt claims payment.

Ogbodu said the company would leverage on SUNU Group’s expansive retail knowledge and expertise to drive retail insurance in Nigeria and build long-term growth.

According to him, with a population of more than 180 million, Nigeria has huge potential for retail insurance and SUNU Assurances will deploy its expertise to dominate the market.

He said the board and management were committed to running the company in the most professional way with a view to creating values for shareholders and other stakeholders.

The Executive Director, Strategy and Performance, SUNU Assurance, Karim Dione, gave the assurance that the new core investor had long-term strategic interest in Nigeria, as there was vast untapped potential.

According to him, SUNU Group is an African group that knows the peculiarities of the African markets with proven expertise to survive despite operating challenges.

The Executive Director, Technical and Operations, SUNU Assurance Plc, Adeleke Hassan, said the company had professional system of risk management and evaluation that enabled it to determine reasonable pricing for its products and services and respond actively to claims.

SUNU Assurance Group had in 2016 acquired 60 per cent equity of the former Equity Assurance Plc and renamed the company SUNU Assurance Nigeria Plc.

SUNU Assurance also has operations in 12 Franco-phone African countries and the acquisition of Equity Assurance was a major entry strategy into the Anglo-phone countries.

The National Insurance Commission had approved the appointment of Ogbodu and Hassan. Ogbodu is a chartered insurer and a member of the Society of Fellows of the Chartered Insurance Institute of Nigeria.

Hassan is a consummate chartered insurer with more than 25 years cognate experience in the insurance industry, spanning broking to underwriting businesses.


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