Universal Insurance

What Universal Insurance does

Universal Insurance Plc. is a Nigerian non-life (general) insurance company founded in 1961 and listed on the Nigerian Exchange under the ticker UNIVERSAL. The company is headquartered in Lagos and operates 15+ branches across Nigeria's commercial and political centers, including Abuja, Port Harcourt, Onitsha, Enugu, Kano, Kaduna, Ibadan, and Uyo. It serves individual consumers, corporate organizations, and government entities with a comprehensive product suite covering motor, fire and special perils, marine (cargo and hull), oil and gas, contractors all risks, erection all risks, professional indemnity, fidelity guarantee, agricultural (poultry, livestock, crop), and personal accident lines, plus 18+ e-retail micro-products targeting the informal economy (Okada PASS, Keke PASS, Parcel Guard, School Fees Protection, Local Travel). The company was formed via a 2020 three-way merger combining United Trust Assurance, Oriental Insurance, and African Safety Insurance.

The technology stack centers on a digital claims portal, an online e-retail self-serve platform, and a partner-facing API for embedded insurance distribution through fintech and insurtech platforms; no proprietary AI/ML models or data flywheel were disclosed. Distribution is multi-channel: direct (website, call center, 15+ branches), channel partners via API integration, and a referral/MLM-style Universal Insurance Network (UIN) for personal accident. The revenue model is predominantly subscription/recurring gross written premiums across motor, property, marine, oil & gas, and personal accident lines, supplemented by investment and fair-value income on the corporate balance sheet. 9M 2025 insurance revenue was N14.68 billion (+49% YoY) with profit after tax of N1.13 billion (+388% YoY) on total assets of N23.63 billion and shareholders' funds of N16.09 billion, reflecting a substantial turnaround from an N867.9 million FY2024 profit (down 49%) that was depressed by elevated fire claims.

The company is currently navigating the Nigerian Insurance Industry Reform Act 2025 recapitalization regime, having launched a N3.2 billion rights issue and secured shareholder approval for up to N15 billion in additional capital to meet the N15 billion non-life minimum capital requirement, placing it among an industry cohort of 13 NGX-listed insurers fined for late financial reporting. Reinsurance capacity is anchored by African Re, Swiss Re, and Lloyd's of London brokers. Customer base spans high-profile federal agencies (CBN, NNPC, NAFDAC, Customs, NIMASA, Federal Road Safety Corps, Nigerian Railway Corporation, Nigerian Port Authority) and at least seven state governments, alongside corporate clients such as Daewoo Nigeria and Alcon.

Name

Universal Insurance

Legal name

Universal Insurance Plc.

Website

https://universalinsuranceplc.com

Company type

Public

Founded year

1961

Operating status

Operating

Headcount range

101–250 employees

Short description

Universal Insurance Plc. is a Lagos-headquartered, NGX-listed Nigerian non-life insurer founded in 1961 offering motor, fire, marine, oil & gas, agricultural, and personal accident coverage to individuals, corporates, and government entities via 15+ branches and digital channels.

Ownership category

akta.pro rank

Product category

General Insurance (Non-Life Insurance)

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers (5241)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Umbrella Insurance (FSAJAMAK)

akta.pro secondary industries

Full-Coverage Personal Auto Insurance (FSAJAAAF), Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)

Keywords

• Non-life insurance
• Auto insurance coverage
• Marine cargo insurance
• Property insurance
• Personal accident insurance

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices15 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premiums: Gross written premiums from non-life insurance policies including motor, property, marine, oil & gas, and personal accident cover. Premium revenue grew 51% year-on-year to N18.59 billion in 9M 2025.
2. Investment Income: Returns from investment portfolio including fair value gains on investment properties and financial instruments. Investment and fair-value income reached N2.31 billion in 9M 2025, rebounding from a loss of N753 million in 9M 2024.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Universal Insurance Plc provides a comprehensive suite of non-life (general) insurance products and services in Nigeria, spanning motor, property, marine, oil & gas, liability, agricultural, personal accident, travel, and specialty covers for individuals, businesses, and government entities. Distribution is delivered through a nationwide branch network, a digital e-retail self-serve platform, an online motor insurance portal, mobile applications, and API integration with fintech/insurtech partners for embedded insurance sales.

Product overview

Universal Insurance Plc is a Nigerian non-life insurer offering a comprehensive portfolio of insurance products across multiple categories. The company operates a platform-plus-modules architecture consisting of core commercial insurance products (including Auto, Property, Marine, Oil & Gas, Liability, and Professional covers), specialized agricultural insurance (Poultry, Livestock, Crop), and a digital e-Retail channel featuring individual and group personal accident products, motor insurance, travel insurance, and niche covers like Okada PASS (motorcycle riders) and Keke PASS (tricycle riders). The Universal Insurance Network (UIN) serves as a referral/multi-level marketing sub-brand. Products are available through 14 branch locations across Nigeria, with digital sales channels including the e-retail platform and online motor insurance portal. The company also offers API-based platform integration capabilities for business partners.

Differentiator

Problem solved

Functional benefit

Brands

• Universal Insurance Network (UIN): A referral program allowing individuals to get Personal Accident Insurance policies while earning incentives by referring new members.

Products and services

• Auto Insurance

Quantifiable outcome

• 388% increase in profit after tax (9M 2025 vs 9M 2024)
• +3 more outcomes

Named customers23 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• African RecoreStrategic or Co-development PartnerAfrican Re (African Reinsurance Corporation) leads the second segment of Universal Insurance's reinsurance arrangement. As the foremost reinsurance company in the African sub-region, African Re provides critical capacity support and risk sharing for the insurer's portfolio.
• Swiss Reinsurance CompanycoreStrategic or Co-development PartnerHistorical partnership since the company's founding in 1961 with Swiss Reinsurance Company of Zurich. Swiss Re provides necessary reinsurance support and has been a key partner throughout the company's six decades of operations.
• Fintech/Insurtech PartnerscoreTechnology or IntegrationAPI integration partnerships with fintech and insurtech companies enabling real-time data exchange, automated insurance operations, and seamless product embedding on partner platforms. Universal Insurance provides API access for digitized retail product sales.
• Lloyd's of LondoncoreStrategic or Co-development PartnerOffshore reinsurance placement through London-based brokers providing access to Lloyd's of London and first-class reinsurers worldwide for facultative reinsurance on large accounts.

Scale indicators17 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• AIICO Insurance Plc: Leading Nigerian composite insurer underwriting motor, fire, general accident, oil & gas, and marine lines with both retail and corporate focus on the same NGX-listed platform as Universal Insurance — direct competition for government, corporate, and retail accounts.
• Leadway Assurance Company Limited: One of Nigeria's largest composite insurers offering motor, fire, oil & gas, marine, and personal lines with extensive branch network and digital channels — directly comparable in product mix, distribution model, and target segments.
• AXA Mansard Insurance Plc: AXA-affiliated Nigerian P&C and life insurer with overlapping product suite (motor, property, oil & gas, marine, personal accident) and bancassurance / digital distribution — directly comparable in scale, target customers, and product breadth.
• Custodian Insurance Plc: Nigerian general insurance business (part of Custodian Group) underwriting motor, fire, marine, oil & gas, and engineering lines for corporate, institutional, and retail clients — directly overlaps with Universal's commercial product suite.
• Cornerstone Insurance Plc: Nigerian general and life insurer with similar multi-line product offering (motor, fire, marine, oil & gas, personal accident) and an active digital and branch distribution model — directly comparable mid-tier competitor for retail and SME segments.
• Sovereign Trust Insurance Plc: NGX-listed Nigerian non-life insurer underwriting motor, fire, marine, oil & gas, engineering, and personal accident covers — directly comparable in scale, geographic footprint, and product offering to Universal Insurance.
• Royal Exchange General Insurance Company Limited: Nigerian general insurance subsidiary of Royal Exchange Plc underwriting motor, fire, marine, oil & gas, and personal lines — comparable mid-sized NGX-listed carrier competing for similar corporate and retail business.

Emerging players

• Heirs General Insurance Limited: Newer digitally-led Nigerian general insurer (part of Heirs Holdings) targeting mass-market and SME motor, fire, and personal lines via online channels — partial overlap with Universal's e-retail products and a competitive threat on digital distribution.

Broad incumbents

• Old Mutual Nigeria: Subsidiary of pan-African incumbent Old Mutual offering life, general, and asset management in Nigeria with broader financial-services scope — competing for the same corporate and high-net-worth segments with deeper capital and global brand.

Others

• African Reinsurance Corporation (Africa Re): Pan-African reinsurer and Universal's lead reinsurance partner; comparable in product categories (fire, marine, motor, oil & gas) but operating one layer upstream — represents both an enabler (capacity) and an indirect competitor as it increasingly writes direct business in African markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/universalinsurance
• YouTubeyoutube.com/@universalinsurance
• Facebookfacebook.com/universalinsuranceng
• LinkedInlinkedin.com/company/uinsuranceplc

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Universal Insurance