SUNU targets top 10 industry position in five years
SUNU Assurances 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 company across the country and beyond.
This new goal was disclosed at interactive session with the new Managing Director and other top executives of the company in Lagos, even as they underscored the turnaround that had already taken place since the acquisition of the former Equity Assurance Plc by SUNU Assurance Group in 2016.
The Managing Director, SUNU Assurances Plc, Samuel Ogbodu, said the insurance company has been transformed from a struggling one on the brink of bankruptcy to the most viable insurance company in Nigeria, with a growing reputation for professionalism and prompt claims payment.
Ogbodu said the Nigerian insurance company will 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 are 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 Assurances, Karim Dione, assured that the new core investor has long-term strategic interest in Nigeria, as there 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 Assurances Plc, Adeleke Hassan, said the company has professional system of risk management and evaluation that enables 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 Assurances Nigeria Plc. SUNU Assurance has operations in not less than 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 (NAICOM) has 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.