Connect with us

Business

#AIOCAIRO2026: Unitrust Insurance Eyes Retail Segment for Next Growth Phase

info

Published

on

Download 1.jpeg

BY NKECHI NAECHE-ESEZOBOR— Unitrust Insurance Company Limited is set to strengthen its presence in Nigeria’s retail insurance market as part of a strategic shift inspired by insights gained at the recently concluded African Insurance Organizations Conference in Cairo, Egypt.

Managing Director/Chief Executive Officer of the company, Mr. Adedayo Arowojolu, said the conference underscored the urgent need for insurers across Africa to expand access to insurance products through innovation, collaboration, and technology-driven solutions.

Speaking on the sidelines of the event, Arowojolu revealed that Unitrust Insurance, traditionally focused on corporate business, is now looking to develop products tailored to individuals and small businesses in a bid to contribute to the growth of insurance penetration in Nigeria.

“For us as a company, one of the key lessons we are taking away from this conference is the need to review our entire processes and product offerings,” he said. “We have concentrated largely on corporate business over the years, but going forward, we need to develop products that are suitable for individuals and strengthen our personal lines of business.”

According to him, discussions at the two-day conference highlighted the importance of leveraging technology to reach underserved populations and make insurance more accessible and affordable.

Arowojolu noted that despite Nigeria’s population of more than 220 million people, insurance penetration remains below one per cent, creating significant opportunities for insurers willing to innovate and address the needs of the mass market.

“The importance of extending insurance products to SMEs and individuals cannot be overemphasized,” he said. “The best way to achieve this is by using technology to reach those who currently have little or no access to insurance services.”

He added that affordability remains a critical factor in encouraging wider adoption of insurance products, especially in an environment where many consumers prioritize more immediate economic needs.

“If insurers can provide products that are relevant to people’s circumstances and financial realities, more Nigerians will begin to see the value of insurance and embrace it,” he said.

The conference also focused on fostering greater collaboration among African insurers, pooling resources, and reducing capital outflows from the continent, themes Arowojolu described as essential to the long-term growth and sustainability of the insurance industry.

He further noted that discussions around the role of insurance in sustaining businesses reinforced the need for increased awareness and education about the benefits of insurance protection.

As Unitrust Insurance evaluates the conference’s key recommendations, the company plans to explore new ways of delivering affordable insurance solutions to retail customers while leveraging technology to broaden its market reach.

“We need to let more people understand the value that insurance brings,” Arowojolu said. “By adapting some of the ideas and lessons from this conference, we believe we can play a greater role in deepening insurance penetration and expanding financial protection for Nigerians.”

This version makes Unitrust’s planned expansion into the retail and personal insurance segment the main news angle while weaving in the broader conference discussions as supporting context.

The post #AIOCAIRO2026: Unitrust Insurance Eyes Retail Segment for Next Growth Phase appeared first on Business Today NG.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position

info

Published

on

Veritas Kapital Assurance Plc has recorded a 54 per cent increase in total assets to ₦54.56 billion as at September 30, 2026, compared to ₦35.40 billion recorded in the corresponding period of 2025, reflecting growth in the company’s financial position.

The company’s unaudited financial results for the nine months ended September 30, 2026, also showed a 60 per cent increase in total equity, which rose from ₦19.12 billion in 2025 to ₦30.59 billion.

This growth was supported by an increase in share capital from ₦6.93 billion to ₦14.43 billion and share premium from ₦663.6 million to ₦8.16 billion.

Further reflecting the growth in its financial position, cash and cash equivalents increased by 28 per cent, from ₦7.98 billion to ₦10.17 billion, while investment securities held at amortised cost more than doubled, rising from ₦12.45 billion to ₦25.64 billion.

The company also recorded a 34 per cent increase in net investment income, from ₦2.61 billion in the corresponding period of 2025 to ₦3.51 billion in 2026. This performance reflects the contribution of its investment portfolio to income during the period.

Commenting on the results, the Managing Director/Chief Executive Officer, Dr. Adaobi Nwakuche, said: “Our nine-month performance reflects notable developments in our financial position, particularly the growth in our asset base, equity position and investment income.

“As we continue to build on these gains, our focus remains on strengthening our core insurance business, enhancing operational efficiency and improving overall business performance.

“Our commitment to meeting our obligations to policyholders remains central to our business as we work towards delivering sustainable value to all stakeholders.

The results also highlight areas requiring continued management attention within the company’s underwriting operations. Insurance revenue stood at ₦15.41 billion, compared to ₦16.31 billion in the corresponding period of 2025, while the company recorded a loss after tax of ₦3.84 billion, against a profit after tax of ₦4.12 billion in the previous year.

This performance was largely attributable to increased insurance service expenses and net expenses from reinsurance contracts held.

Overall, the results reflect growth in Veritas Kapital Assurance’s asset base, equity position and investment income, alongside areas for improvement in its insurance operations.

The company remains focused on strengthening its core business, enhancing operational efficiency and sustaining its commitment to delivering dependable insurance solutions and long-term value to its stakeholders.

About Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc is a Nigerian insurance company providing general insurance solutions to individuals and businesses. The company is committed to delivering reliable insurance services and building lasting relationships with its customers and stakeholders.

The post Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position appeared first on Business Today NG.

Continue Reading

Business

Airline refunds aggrieved passenger’s fare, adds perks

info

Published

on

105305137 104854627949893 6745310715136595637 n.jpg

Governance expert Joe Abah has confirmed he received a full refund of his flight ticket from United Nigeria Airlines after a six-hour flight delay.

Mr Abah disclosed that the airline refunded his ticket within 12 hours of his request and offered him a 50 per cent discount on a future flight for four months.

In a post on X on Thursday, Mr Abah said the airline has apologised, refunded his money, and offered compensation following the disruption to his Enugu-Abuja journey.

“I can confirm that I have now received a full refund from @flyunitedng and that the refund came within 12 hours of my making the request,” he wrote.

“They also offered compensation of 50 per cent off a future flight for the next four months. They have thus apologised, offered compensation, and speedily refunded my money. These are good remedial steps,” he added.

PREMIUM TIMES reported on Wednesday that United Nigeria Airlines apologised to Mr Abah over the delay, acknowledging that its communication and follow-up with affected passengers fell below expectations after he called out the airline on X and questioned its handling of the disruption.

PT WHATSAPP CHANNEL
Dangote Refinery AD

Mr Abah had said his flight, scheduled to depart Enugu for Abuja at 8:30 a.m. on Tuesday, was delayed until 3 p.m., prompting him to demand an immediate refund and question the airline’s explanation.

United Nigeria Airlines, in its response, said its aircraft encountered worsening weather conditions while approaching Akanu Ibiam International Airport, Enugu, forcing it to divert to Anambra in line with safety procedures.

The airline said weather conditions can vary across routes and airports and change quickly, explaining why other aircraft might land while its own could not.

It also acknowledged that keeping passengers adequately informed remains its responsibility, even though weather-related disruptions are sometimes beyond its control.

Following the airline’s response, Mr Abah demanded an immediate refund after purchasing another airline ticket to complete his journey.

The airline subsequently asked him to submit a refund request through its official website, promising immediate processing rather than the usual seven working days.

READ ALSO: Nigerian airline removes passenger after threat to ‘burn down’ aircraft

Mr Abah’s latest confirmation indicates the refund was completed within 12 hours of his request.

The development resolves the refund dispute and highlights how public complaints draw attention to passenger concerns over flight delays, communication, and refund procedures among domestic airlines.

Nigeria’s Civil Aviation Regulations contain consumer protection provisions covering flight delays, cancellations, passenger assistance and compensation in qualifying circumstances.

The NCAA advises passengers to first lodge complaints with airlines and escalate unresolved cases to its Consumer Protection Department.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

Trending