BY NGOZI ONYEAKUSI

Unitrust Insurance Company Limited is has announced its financial performance for the year ending December 31, 2023.

The company achieved significant milestones across its financial metrics, reinforcing its position as a leading player in the insurance industry.
Following the adoption of the new IFRS 17 standards, the company reported Insurance Revenue of ₦6.9 Billion, resulting in 30% increase compared to ₦5.3 Billion recorded in 2022. This growth is attributed to improvement in service delivery, customer, and strategic expansion into new market segments.
Profit Before Tax (PBT): Unitrust successfully navigated the storming macroeconomics environment in 2023 by deploying cost optimization and initiatives to deliver Profit Before Tax of ₦2.4 Billion and Profit After Tax of N1.7 billion from N178 Million Profit Before Tax and N185 Million Profit After Tax in 2022, showing a remarkable growth of 1,264% and 858%, respectively. This robust performance is a testament to the operational efficiency and prudent investment strategies.
Claims Paid: keeping to its commitment of delivering prompt settlement of claims, Unitrust paid N3.2 billion claims in 2023.
In 2023, Unitrust embarked on several strategic initiatives aimed at driving growth and enhancing customer experience and ensured commitment to sustainable business practices. The Company is optimistic about future growth and committed to offering its numerous customers quality service delivery.