SUNU Assurances clears recapitalisation hurdle, targets growth as insurance revenue surges 41%

SUNU Assurances Nigeria Plc has successfully cleared the insurance industry’s recapitalisation hurdle, strengthening its capital base and positioning the company for renewed growth across the Nigerian market.

The company disclosed this at its Annual General Meeting (AGM), where shareholders commended the Board and Management for successfully navigating the capital-raising process amid the industry’s transition to higher minimum capital requirements.

The successful recapitalisation followed the introduction of new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Kyari Bukar, chairman of SUNU Assurances Nigeria Plc said the Board and Management had acted proactively by developing a comprehensive recapitalisation strategy and obtaining shareholders’ approval for the necessary resolutions.

He said the successful exercise had strengthened the company’s ability to pursue its long-term strategic objectives and placed it in a stronger position to take advantage of emerging opportunities in the insurance market.

He said having met the Minimum Capital Requirement, SUNU is now well positioned to pursue sustainable growth while maintaining a strong capital base and proactive regulatory readiness.

Bukar disclosed that the rising inflation increased insurance service expenses, while higher reinsurance treaty expenses and foreign exchange movements also…