Business

NSE Lifts Suspension on Universal Insurance

The Nigerian Stock Exchange (NSE) has relaxed the suspension placed on the trading on shares of the Universal Insurance Plc.

The Insurance Company is one of the eleven (11) companies were suspended on 2nd of July 2019.

With this development, trading on the company’s shares would resume on the floor of the NSE forthwith as the dealing members have been duly informed, Vanguard reports.

In a notification posted on its website, the NSE stated: “Universal Insurance Plc, has now filed its Audited Financial Statements for the year ended 31 December 2018 with The Exchange.

“In view of the Company’s submission of its Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: “The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided. The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.

“Dealing members are hereby notified that the suspension placed on trading on the shares of Universal Insurance Plc was lifted today, Wednesday, 7 August 2019”, the statement added.

Managing Director and Chief Executive Officer (MD/CEO) of the Company, Mr. Ben Ujoatuonu said the company has been able to increase the numbers by growing premium income by over 130 per cent from N700 million in 2017 to over N1.6 billion in 2018.

“We have developed a full-fledged retail unit with requisite qualified personnel to man it and also expanded our marketing unit,” he said.

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