Sunu Assurance Receives Praise for Successful Recapitalization

Shareholders of Sunu Assurance Company Plc commended the board and management for successfully navigating the capital-raising process during the company’s 2025 annual general meeting held in Lagos. This recapitalization was necessitated by the introduction of new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Chairman Mr. Kyari Bukar stated that the proactive strategy developed by the board and management, which included obtaining shareholder approval for necessary resolutions, has strengthened the company’s capacity to pursue long-term objectives and seize emerging market opportunities. The Managing Director/Chief Executive Officer, Mr. Samuel Ogbodu, reported a 41.1% increase in gross insurance revenue from N15.3 billion in 2024 to N21.6 billion in 2025, and a 30.05% rise in Gross Premium Written from N13.03 billion to N17 billion.

The company’s net premium income also rose by 8% to N9.06 billion. The Chairman noted that this growth reflects an expanding customer base and stronger market penetration.