Prime Business AfricaSunu Assurances has released its unaudited interim financial statements for the second quarter (Q2) of 2025, disclosing that revenue grew 31.77 percent to N4.69 billion during the period, exceeding the N3.55 billion turnover posted in Q2 2024.
The insurer reported service expenses outstripped revenue, after rising by 42.75 percent, from N1.65 billion in Q2 2024, to N2.36 billion during the same period this year.
Join our WhatsApp ChannelAlso, net expenses from reinsurance contracts grew by 24.78 percent year-on-year, according to the company’s earnings report, from N681.86 million to N850.85 million.
After deduction of expenses, Sunu Assurances posted N1.47 billion in insurance service result during the period under review, compared to the N1.22 billion recorded in Q2 2024, representing a 20.83 percent growth.
However, Sunu Assurances reported a 46.09 percent decline in the results of operating activities, which dropped from N1.23 billion in Q2 2024 to N667.44 million.
The financial statements showed the company reduced the impact on its bottom line by cutting down finance costs by 84.45 percent to N399,000 in the second quarter of this year, compared to the N2,56 million reported in the corresponding period last year.
Consequently, profit before tax (PBT) dropped by 46.01 percent to N667.04 million in Q2 2025, compared to the N1.23 billion PBT posted in the second quarter of 2024.
During the reviewed period, Sunu Assurances said it paid N249.46 million in taxes, compared to the N229.27 million income tax filed in Q2 2024, indicating an increase of 8.80 percent.
Also, Sunu Assurances recorded a 58.50 percent decrease in profit after tax (PAT) in the second quarter of 2025, as it dropped from N1 billion to N417.58 million in Q2 2024.
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