SUNU Assurances finalizes the first phase of recapitalization

SUNUSUNU Assurances Nigeria has finalized the first phase of its recapitalization within the deadline required by the NAICOM supervisory authority set at 31 December 2020.

The Nigerian insurer increased its share capital to 6.61 billion NGN (16.9 million USD) at the end of 2020 against 3.47 billion NGN (8.87 million USD) in 2019.

Samuel Ogdobu, General Manager of SUNU Assurances Nigeria, says the company is still gaining market shares.

The projected premiums of 2020 amount to 3.15 billion NGN (8.15 million USD) in comparison with 2.24 billion NGN (6.14 million USD) in 2019.

Read also | Recapitalization deadline extended for Nigerian insurers and reinsurers

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