Universal Insurance, one of Nigeria’s insurance firms, is undergoing a bold transformation as it positions itself for stronger industry dominance, following an impressive financial year and the appointment of a new managing director.
Now, under the leadership of Japhet Ogueri Duru, who was appointed managing director and CEO on January 10, 2025, the company is targeting even greater heights.
Duru brings over three decades of experience in underwriting, risk analysis, claims, and broking. During an interview with the Sun newspaper earlier this year, he said he was “bringing excellent service delivery, dedication to service, extensive experience, and a strong focus on training and development.”
He added that he wants “Universal Insurance to be one of the top three insurance companies in Nigeria by the time I leave.”
The company’s resilience matches Duru’s ambition. It reported a 65.4 percent surge in gross premiums, rising to N9.37 billion in FY 2024 from N5.67 billion in FY 2023. Profit after tax rose sharply to N1.54 billion from N514.7 million in the previous year—a 200 percent increase. This turnaround was driven by higher underwriting income and disciplined cost management.
Universal Insurance’s balance sheet also saw marked improvements. Total assets climbed 13.2 percent to N17.81 billion, while shareholders’ equity rose to N11.47 billion from N10.44 billion, supported by profit retention and a N463 million transfer to contingency reserves.
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The company, founded in 1961 and regulated by the National Insurance Commission (NAICOM), has been listed on the Nigerian Stock Exchange since 2008, debuting as a publicly traded insurer.
Headquartered in Lagos with branches across Aba, Abakaliki, Abuja, Enugu, Kaduna, Onitsha, Owerri, Port Harcourt, and Umuahia, Universal Insurance has significantly contributed to the growth of Nigeria’s non-life sector.
The company offers a broad portfolio of products, including auto, bond, marine, property, goods-in-transit, and money insurance. It serves a wide customer base ranging from SMEs to government contractors, educational institutions, and religious bodies.
As an insurance firm with a sharpened focus on consumer-centric service, it provides security for SMEs, fostering entrepreneurship, reducing the impact of losses, while supporting sustainable business operations. Universal Insurance is also a pioneer in retail-focused products such as KEKE PASS and local travel insurance, designed for low-income earners. With branches across Nigeria, they have provided employment for underwriters, marketers, agents, brokers, and field marketers while providing platforms for learning through agency recruitment and financial literacy campaigns.
After over six decades, Universal Insurance still stands out in its industry, showing remarkable resilience and growth.
It was named Best Insurance Company of the Year by Championship Newspapers in 2020, acknowledging its tech-driven retail initiatives. Independent Newspapers also awarded the company in 2023 as the Most Valuable Nigerian Brand 2022, acknowledging the brand’s excellence.
Universal Insurance is ready for future expansion and continued digital investment. It has become a modern, tech-forward insurer with ambitious premium goals and deepening product breadth.
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