SUNU Assurances Nigeria clears recapitalization hurdle, targets expansion and market penetration
SUNU Assurances Nigeria Plc has successfully met the insurance industry's recapitalization requirements, strengthening its capital base for future growth in the Nigerian market. Chairman Kyari Bukar stated that the company proactively developed a comprehensive recapitalization strategy, positioning it to pursue sustainable growth and leverage emerging opportunities. Managing Director/Chief Executive Officer Samuel Ogbodu reported a 41.1 percent increase in gross insurance revenue to N21.6bn in 2025 from N15.3bn in 2024, and a 30.05 percent rise in gross premium written to N17bn. Net premium income also grew by eight percent to N9.06bn. However, net profit decreased to N1.53bn from N3bn in 2024 due to macroeconomic challenges, including elevated inflation, foreign exchange movements, and higher reinsurance treaty expenses. Despite this, total assets increased by over four percent to N24.38bn, and shareholders' funds grew six percent to N14.5bn. Investment income saw a 13.9 percent increase. Ogbodu outlined a 2026 growth blueprint focusing on operational efficiency, claims management, digital adoption, and product innovation. The company also announced the appointment of Lucie Barry and Roland Ouedraogo as non-executive directors, and Olayinka Adaramola as Executive Director, Technical Operations.
