Unitrust inflates paid-up capital to N6.4bn via N1.45bn right issue

Unitrust Insurance Company Limited says it has successfully raised N1.45 billion through rights issue and has over N6.4 billion qualifying capital as required by the National Insurance Commission (NAICOM) for the ongoing recapitalisation process in the industry.

It disclosed this in a statement entitled ‘Unitrust Insurance held annual general meeting and increased paidup capital to N6.4bn’, just released to the press.

According to the statement, John Ijerheime, Unitrust’s managing director, disclosed this during the company’s annual general meeting while presenting its 2019 financial accounts.

The financial account showed the gross written premium rose to N3.53 billion as of the end of 2019 from N3.16 billion in 2018.

Similarly, the company’s profit increased to N301.73 million from N220.25 million in 2018; while investment income increased to N1.26 billionn from N1.14 billionbn in 2018.

He further said that the profit after tax grew from N757.34 millionm in 2018 to N801.35 million in 2019; and the shareholders’ fund increased to N11.93 billionn in 2019 from N11.32 billion in the previous year.

“Our business model will be driven by structural analysis of our strengths, weaknesses, opportunity, and threats for responsive bonding irrespective of the challenging situations we will experience,” he said.

The managing director also disclosed that within April and June 2020, it paid N240.6 million as claims to its clients on various insurance policies for the second quarter 2020 in fulfillment of its commitment to prompt claims settlements.