…Declares 10k/share dividends
SUNU Assurances Nigeria Plc, a subsidiary member of SUNU Group pays N3.28 billion in claims, highlighting its commitment to policyholders, with a profit after tax of N3.59 billion in 2024.
Shareholders at the 38th Annual General Meeting (AGM) held in Lagos on Friday, June 13, 2025, also approved a dividend of 10k per share on 50k ordinary shares for the financial year ended December 31, 2024, which is scheduled for payment on Monday, June 16, 2025.
The company’s Gross Written Premium (GWP) for the year 2024 reached N13.03 billion, an increase from N8.16 billion in 2023. SUNU Assurances also recorded a 57.8 percent increase from the N2.08 billion paid out in 2023.
The company recorded growth of N4.87 billion, which represents a 59.6 percent rise, surpassing the full-year budget of N10.16 billion by 128.3 percent.
“We are delighted to have successfully concluded our 38th Annual General Meeting. The approval of the dividend for the 2024 financial year reflects our commitment to delivering value to our shareholders and underscores our robust financial performance,” Samuel Ogbodu, MD/CEO, SUNU Assurances Plc., said during the hybrid AGM.
According to him, the company looks forward to building on its recent achievements to drive sustainable growth in the coming year. “This meeting was a vital platform for engaging with our esteemed shareholders, reinforcing our dedication to transparency and strong corporate governance.”
Kyari Abba Bukar, chairman, SUNU Assurances, said that the revenue growth was driven by several key factors such as higher business renewals, contributing to portfolio stability and expansion.
According to him, other factors are increase in motor insurance premium rates, boosting revenue from this segment, growth in the number of insured vehicles, expanding customer base and favourable foreign exchange movements, positively impacting underwriting results.
Shareholders re-election Olajumoke Bakare and Aisha Abubakar, who retired by rotation and were eligible for re-election. They also elected their representatives to the audit committee, who will hold office until the date of the next AGM.
Also, the board of directors was authorized during the 38th AGM to fix the remuneration of the external auditors, and the remuneration of the company’s managers. “I’m glad to see a dividend of 10k per share, a truly great return on investment,” says William Adebayo, one of the shareholders present at the AGM.
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