Prime Business AfricaSunu Assurances’ revenue jumped 34.66 percent to N5.28 billion in the first quarter (Q1) of 2025, surpassing the N3.92 billion generated in the corresponding period in 2024.
The company’s financial statement for Q1 2025 also showed that Sunu Assurances’ insurance service expenses grew to N2.49 billion, above the N1.56 billion reported in the first quarter of 2024.
Join our WhatsApp ChannelAlso, net expenses from reinsurance contracts increased from N305.78 million in Q1 2024 to N925.44 million in the same period this year.
With the 59.95 percent increase in insurance service expenses and 202.64 percent growth in net expenses from reinsurance contracts, the company’s insurance service result declined by 9.57 percent year-on-year.
The Insurance service result decreased to N1.85 billion between January and March 2025, falling short of the N2.05 billion reported by Sunu Assurances in the same period last year.
Similarly, results of operating activities dropped to N943.79 million in Q1 2025, compared to N2.78 billion recorded in Q1 2024, indicating a decrease of 66.17 percent.
During the same period, finance costs climbed by 47.34 percent year-on-year, from N961,000 to N1.41 million, according to the financial statements.
Consequently, profit before tax nosedived by 66.21 percent to N942.37 million in the first quarter this year, from N2.78 billion reported in the corresponding period last year.
This led to income tax paid by Sunu Assurances in Q1 2025 falling to N187.94 million, compared to the N336.52 million filed as taxes in Q1 2024.
Although the 44.15 percent decline in income tax did not prevent a decline in the company’s bottom line, as Sunu Assurances recorded N754.42 million profit after tax, compared to the N2.45 billion reached in Q1 2024, reflecting a 69.23 percent decline.
In addition, Sunu Assurances’ total assets climbed 19.18 percent year-on-year, from N23.31 billion at the end of last year to N27.78 billion at the end of the first quarter of 2025.
Also, the company’s total liabilities increased from N9.66 billion recorded in December 2024, to N13.38 billion in March 2025, indicating an increase of 38.47 percent.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
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