SUNU Assurances Nigeria Plc has successfully met the insurance industry’s new Minimum Capital Requirement, strengthening its capital base and positioning the company for sustainable growth.
The announcement was made at the company’s 39th Annual General Meeting (AGM) held on August 21, 2026, where shareholders commended the Board and Management for successfully navigating the recapitalisation process.
Chairman, Mr. Kyari Bukar, said the successful exercise reinforces SUNU’s ability to pursue its strategic objectives and take advantage of emerging opportunities in the Nigerian insurance market.
Speaking on the company’s performance, Managing Director/CEO, Mr. Samuel Ogbodu, disclosed that Gross Insurance Revenue increased by 41.1%, from N15.3 billion in 2024 to N21.6 billion in 2025, while Gross Premium Written rose by 30.05% to N17 billion. Net Premium Income also grew by 8% to N9.06 billion.
He said SUNU’s 2026 priorities would focus on operational efficiency, market expansion, digital transformation and product innovation, with continued efforts to enhance claims management and customer experience.
The Board also announced the appointment of Mrs. Lucie Tannous Barry and Mr. Roland Ouedraogo as Non-Executive Directors, and Mr. Olayinka Adaramola as Executive Director, Technical Operations. The appointments, which received the requisite NAICOM approvals, are expected to further strengthen the Board’s expertise and strategic capacity.
The AGM also marked the final meeting of Mr. Kyari Bukar as Chairman, with shareholders expressing confidence in the company’s continued growth and urging a smooth transition that builds on the progress achieved.
With its strengthened capital position, SUNU Assurances Nigeria remains focused on delivering sustainable value to customers, shareholders and other stakeholders.
39th Annual General Meeting
