Universal Insurance grows annual profit by 1,646%

Universal Insurance Plc has reported an increase of 1,646 percent in its profit after tax for the 2020 financial year.

Its management account showed that its after-tax profit rose to N1.14 billion last year from N65.07 million in 2019.

The company posted a profit before tax of N1.17 billion in 2020, compared with a loss before tax of N328.11 million a year ago.