Shareholders Commend SUNU Assurance for Crossing Recapitalisation Huddle

Shareholders of SUNU Assurance Company praised the board and management for steering the insurer through a capital-raising process as Nigeria’s insurance industry moved toward higher minimum capital requirements. They made the comments at the company’s 2025 annual general meeting in Lagos.

Chairman Kyari Bukar said the company had prepared a recapitalisation strategy and secured shareholder approval for the required resolutions. After meeting the minimum capital requirement, SUNU is positioned to pursue its longer-term strategy while maintaining a stronger capital base and regulatory readiness.

Managing Director and Chief Executive Samuel Ogbodu said gross insurance revenue increased 41.1%, from 15.3 billion naira in 2024 to 21.6 billion naira in 2025. Gross written premium rose 30.05%, from 13.03 billion naira to 17 billion naira, while net premium income grew 8% to 9.06 billion naira.

The company said it plans to use the strengthened platform to expand its presence across corporate, small and medium-sized businesses, retail, broker and partnership channels. Bukar linked the growth to an expanding customer base, stronger market penetration and continued consolidation in key segments, including motor and general insurance.