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SUNU Assurances pay N3.28bn in Claims for 2024, Posts N3.87bn Profit

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SUNU Assurances Nigeria Plc says it paid a total of N3.28 billion in claims in the 2024 financial year.This was disclosed by Mr Kyari Bukar, Chairman, SUNU Assurances at the 38th Annual General Meeting (AGM) of the company held on Friday in Lagos.Bukar said that payment marked a substantial 57.

8 per cent increase from the N2.08 billion paid out in 2023, adding that it underscored the company’s dedication to meeting its obligations in spite of economic challenges.
He also said that the company recorded significant growth and profitability within the period under review.Report says that the company reported a Profit After Tax (PAT) of N3.59 billion, a remarkable performance that far exceeded the full-year budgeted profit of N377 million.
This robust financial result according to the chairman of SUNU, enabled the Board to declare a dividend of 10 kobo per share on 50 kobo ordinary shares, thereby rewarding shareholders for their confidence in the company.He added that the company’s Gross Written Premium (GWP) for the period under review reached N13.03 billion, a significant increase from N8.16billion in 2023.“This growth of N4.87 billion, represents a 59.6 per cent rise, also surpassing the full-year budget of N10.16 billion by an impressive 128.3 per cent,” he said.Bukar said that the impressive revenue growth was driven by several key factors like higher business renewals, contribution to stability and expand.Other factors he said were increase in motor insurance premium rates, expanding customer base and favorable foreign exchange movements among others.He explained that the increase in claims payments, which grew from N2.08 billion in 2023 to N3.28 billion in 2024, was due to unfavorable claims experience in certain special risk businesses.“The company’s net claims expenses rose to N2.6 billion in 2024, a 56.0 per cent increase from N1.7 billion in the previous year.“The unfavorable impact of inflation and fuel price volatility contributed to a significant rise in operating expenses which reached N3.21 billion in 2024, a 37.7 per cent increase from N2.33 billion in 2023.“This figure represents 113.3 per cent of the full year budget of N2.83 billion, reflecting the financial strain imposed by macroeconomic challenges.“The Profit after Tax for 2024 reached N3.59 billion which significantly exceeded the full year budgeted profit of N877 million.“This impressive performance was driven by business growth and favorable impact of the federal government forex policy compared to N2.5 billion recorded in 2023.“This marks a substantial increase, reflecting the company’s ability to capitalise on market opportunities and optimise profitability despite economic challenges, he said,” he said.On dividends, the chairman noted that the company’s commendable performance, led the Board to recommend a 10 kobo dividend per share for the financial year ended 2024, subject to shareholders’ approval at the AGM.Similarly, the Managing Director of SUNU Assurances, Mr Samuel Ogbodu said that year 2024 was a year with both challenges and opportunities amid economic headwinds, currency volatility, inflationary pressures and a dynamic regulatory landscape.Ogbodu reiterated that SUNU Assurances remained committed to its core mission of providing innovative and reliable insurance solutions to it’s growing customers’ base.He said that in spite of the hurdles, the company delivered solid performance and achieved notable progress on several fronts.Meanwhile, Mr Jimoh Saka a shareholder has expressed satisfaction with the AGM financial report, and lauded the company for declaring 10 kobo, while also appealing to the company to do more to achieved one naira dividend per share in the next financial year. (NAN)

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Eight Students Die, Three Injure in Jos Road Crash

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From Jude Dangwam, Jos

The Vice Chancellor of the University of Jos, Prof. Ishaya Tanko has confirmed the sad death of 8 students of the University to a road crash involving their Toyota bus with a truck in the metropolitan city of Jos.

He disclosed that one of the students was being prepared for surgery in the early hours of Thursday at the Jos University Teaching Hospital while others were receiving medication at the Bingham Teaching Hospital.

The Federal Road Safety Corps (FRSC) Plateau State Command disclosed that the accident occurred opposite Unity Bank Zaria Road, Jos, at around 2:30 am.

The Plateau State Sector Commander of the Corps, Olajide Mogaji explained that seven people lost their lives on the spot, while another victim died in hospital, bringing the total number of fatalities to eight.

According to the Command’s statement, the crash involved a trailer and a bus, which was carrying eleven passengers, all male students of the University of Jos, opposite Unity Bank Zaria Road, Jos, at around 2:30 am.

Mogaji said eyewitness accounts revealed to the corps emergency teams that the bus was speeding and engaged in wrongful overtaking, leading to the loss of control and the crash.

The Sector Commander has appealed to drivers to avoid night trips, excessive speed, and dangerous driving, saying, “The government needs you alive, and wants you to live life to the fullest in this festive season and beyond.”

The FRSC noted that the incident is still under investigation, while urging the public to report crashes or road emergencies to their toll-free emergency number 122 at all times for prompt responses.

The victims were said to have been coming back from a welcome special party for new students when the unfortunate incident occurred with the vehicle carrying the male students while the other vehicle carrying the female students escaped the tragedy.

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UNICEF Hails Bayelsa as Champion of Primary Healthcare Devt in Nigeria

From Mike Tayese, Yenagoa

The United Nations Children’s Fund (UNICEF) has commended the Bayelsa State Government for its deliberate efforts at improving primary healthcare delivery, especially in the area of immunization in recent years.

The Country Representative of UNICEF in Nigeria, Wafaa Saeed, gave the commendation, on Wednesday, when she led a delegation on a courtesy visit to Government House, Yenagoa.

Saeed said what she saw during her visit to some health facilities and her random interactions with some mothers in the state, corroborated the positive reports UNICEF has been receiving about Bayelsa in terms of immunization.

The special UN envoy, who described Bayelsa as champion of healthcare delivery and a shining spot in the country, noted that the state has achieved an impressive performance in its immunization indices from 2021 to date.

She attributed the improvement in the health indicators of the state to purposeful leadership, commitment and accountability being provided by the present administration.

While assuring the Bayelsa of UNICEF’s readiness for collaboration to improve nutrition for children as well as unlock resources for healthcare development in the state, the Country Rep, however, urged the Governor Douye Diri-led administration to sustain its efforts in the health sector.

She said, “We are really impressed with what Bayelsa is doing… Bayelsa State has also committed its financing of immunization campaigns from the state budget, and a special one (immunization) in-between.

“Also there is a monthly allowance and support you have continued to give from GAVI. These are some of the things that have really increased the number of immunized children and improved the performance of the state.

“In 2021, the number of children not immunized in Bayelsa was 71 percent; that means seven out of ten kids were not immunized. But between then and now, there is a big difference due to the leadership, commitment and accountability we are seeing in Bayelsa State.

“You have been a champion of primary healthcare and a champion of immunization. And I really look to have Bayelsa not only a champion of states in Nigeria but in our continent and the globe.”

In a response, Governor Douye Diri represented by his deputy, Senator Lawrence Ewhrudjakpo, reaffirmed the determination of his administration to prioritize investments in the health sector.

He said plans were underway to review the state primary healthcare board law with a view to not only sustaining the extant primary healthcare funding model but also expanding it through effective private sector contributions, especially from corporate organizations operating in the state.

Diri thanked the Country Rep, Ms Wafaa Saeed, for her kind words of encouragement and also acknowledged the support of UNICEF, WHO, Bill Gate, Dangote Foundation and other development partners, noting that Bayelsa could not have recorded its present achievements in the health sector without their collaboration.

His words: “We also want to thank you profusely for supporting our programme. We thank UNICEF, the WHO, Bill Gate Foundation, Dangote Foundation and others for your support. We really appreciate what you have done for our state.

“As a government, we know where we are going. A man who knows where he is going cannot be misled. We are focused and will continue to redouble our efforts in the health sector.

“You talked about sustainability. That is very important to us, and so, we are looking at the principal law, which is the Primary Healthcare Development Board Law. We are looking at some areas of that law to bind the hands of whoever that comes after us.

“That is to ensure that even if the administration after us will not have the motivation and passion to provide leadership for primary healthcare like the present governor is doing, the law will compel them to do so.”

The UNICEF Country Representative was accompanied on the visit by the Chief of Field Service, Judith Leville, UNICEF Health Consultant, Dr. Makio Perekeme, the Chief Field Officer, Anselm Audu and a health specialist, Eghe Abe, among others.

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Mutfwang Pledges Support for Minister of Defence in Fight against Insecurity

From Jude Dangwam, Jos

Plateau State Governor, Caleb Mutfwang, has paid a courtesy visit to the newly appointed Minister of Defence, Gen. Christopher Gwabin Musa (Rtd), assuring him of his total and unwavering support in the collective effort to defeat insecurity in Plateau State and across Nigeria.

The Director of Press and Public Affairs to the Governor, Gyang Bere on Thursday disclosed that the Governor has expressed delight over Gen.

Musa’s appointment, describing it as a “strategic and timely decision” in confronting the country’s intricate and evolving security challenges.

Mutfwang noted that the Minister’s vast experience and proven professionalism would significantly strengthen ongoing national security interventions.

“We must now focus on finding solutions to the challenges confronting us. Whatever has happened in the past should not deter us. The time has come for all of us to join hands and holistically address our security concerns,” Mutfwang emphasized.

The Governor reiterated his support for the establishment of State Police, acknowledging concerns about possible abuses, but stressing that the nation must collectively develop safeguards and ensure operational efficiency.

Gen. Christopher Musa expressed gratitude for the Governor’s visit, assuring him of a robust and productive collaboration in addressing security concerns in Plateau State and the country at large.

He commended Governor Mutfwang for hosting the Plateau Unity Christmas Carols and Praise Festival, describing it as a unifying initiative.

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