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From left: Managing Director Union Assurance, Godwin Odah;
Chairman, Emeka Emuwa and Company Secretary, Somuyiwa Sonubi, at the event in
Lagos.
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Posts N4.3bn gross premium
Chuks Udo Okonta
Shareholders of Union Assurance, today Friday, unanimously
gave their nods for the company to transform to a Public Limited Company (PLC),
Inspen can report.
The approval which was granted during the special business, at
the firm’s 14th Annual General Meeting (AGM) in Lagos, empowers the
firm to delete the word limited from its name and substitute it with PLC.
Shareholders unanimously approved the clause which reads: “Deleting
the first paragraph of the Memorandum of Association which states that the name
of the company is Union Assurance Company Limited and replacing it with the
name of the company is Union Assurance Company PLC.”
They also gave the firm the permission to alter its Articles
of Association by deleting the word Limited from the name of the company and
substituting therewith the word PLC.
The Chairman of the firm, Emeka Emuwa, told the shareholders
that their company generated a gross premium of N4.303 billion in 2012,
increase of 12 per cent, as against N3.842 billion in 2011.
He noted that the net premium income rose from N2.874
billion in 2011 to N3.549 billion in 2012, adding that life and retail business
portfolio increased by 61.7 per cent from N1.040 billion in 2011 to N1.681
billion in 2012.
He said the company recorded a substantial increase of 21.5
per cent in claims settlement within the period under review, recording N955
million in 2012 from N786 million in 2011, stressing that this was largely due
to the occurrence of a number of one off claims. He said the company’s total
assets grew by 2.5 per cent from N9.029 billion in 2011 to N9.261 billion in 2012.
A Shareholder, Ijeoma Uzokwu, lauded the performance of the
firm, while urging them to do more.
Another Shareholder, Mobolale Atumale, urged the firm to be
committed to dividend payout, adding that investors invest to real dividend.
The Shareholders at the event re-elected the Chairman and
five directors.
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