Sunu Assurances eyes H1 N1.19bn profit

Sunu Assurances Nigeria Plc has projected a profit of N1.19bn for the first half of 2025, according to its earnings forecast filed with the Nigerian Exchange Limited.

In a notice filed on the Nigeria Exchange on Tuesday, the company anticipates an insurance revenue of N8.37bn, while insurance service expenses are expected to amount to N2.79bn. Net expenses from reinsurance contracts are projected at N2.4bn, resulting in an insurance service result of N3.17bn.

Sunu Assurances also forecasts N12.84m profit from concessionary arrangements, N790.48m in investment income, and N5.06m in net fair value gains on financial assets. However, other operating income is projected at a loss of N290.31m, while impairment losses are expected to amount to N39.54m.

The company estimates total operating expenses at N2.05bn, leading to a pre-tax profit projection of N1.68bn. After accounting for a tax expense of N492.32m, the firm expects to close the period with a profit after tax of N1.19bn.

Sunu Assurances also projected a net cash flow from operating activities of N2.34bn, with cash and cash equivalents expected to rise to N14.08bn by the end of June 2025.

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