SUNU Assurances Nigeria Plc has listed an additional 2,075,285,714 ordinary shares valued at N9.34 billion on the Nigerian Exchange (NGX), as the insurer moves into a post-recapitalisation phase focused on artificial intelligence-driven growth, digital transformation and product innovation. The new shares, listed on August 31, 2026, arose from the company’s Rights Issue executed at N4.50 per share, on the basis of five new shares for every 14 held, according to a company filing with the NGX published at the close of business on Friday, September 4, 2026. The listing increased SUNU’s issued shares from 5,810,800,000 to 7,886,085,714. At the company’s closing share price of N3.29 on September 4, the enlarged issued share capital was worth approximately N25.95 billion. The stock closed at N3.29, up 1.86% from N3.23.
SUNU, which began the year at N5.50, has declined 40.18% year-to-date and trades 26.89% below its N4.50 Rights Issue price. What they are saying:
The additional capital comes as management unveiled a technology-led growth strategy aimed at improving operational efficiency, expanding market presence and strengthening customer experience. Speaking at the company’s 39th Annual General Meeting (AGM), Chairman of SUNU Assurances Nigeria Plc, Mr. Kyari Bukar said the Board and Management had acted proactively by developing a comprehensive recapitalisation strategy and obtaining shareholders’ approval for the necessary resolutions. He said: “The successful exercise has strengthened our company’s ability to pursue its long-term strategic objectives from a stronger position to take advantage of emerging opportunities in the insurance market.”
“Having met the Minimum Capital Requirement, SUNU is now well positioned to pursue sustainable technology-driven growth and improved returns to shareholders while maintaining a strong capital base and proactive regulatory readiness,” the Chairman stated.
Toeing the same line, the Managing Director/Chief Executive Officer, Samuel Ogbodu, said SUNU’s 2026 strategy would focus on operational efficiency, market expansion, digital transformation and product innovation, promising improved returns to shareholders. “We plan to improve claims management and internal processes, strengthen cost optimisation and accelerate digital adoption to provide faster and more accessible services,” said the CEO. “SUNU will develop products tailored to the protection needs of individuals, households and businesses, with particular attention to retail and SME customers.”
The company also plans to deepen its presence across corporate, SME, retail, broker and partnership channels while strengthening risk management and compliance. A shareholder, Mrs.
Esther Obideyi, urged the company to deploy artificial intelligence more aggressively in marketing its insurance products and improving its visibility among potential customers. SUNU responded with a promise that digital transformation and customer experience would remain key components of its growth strategy. More insights:
The successful recapitalisation positions SUNU to enter its next growth phase with a larger equity base and 7,886,085,714 issued shares, against the backdrop of stronger growth in SUNU’s core insurance business, emerging among top 10 NGX listed insurers in 2025. Gross insurance revenue increased 41.1%, from N15.3 billion in 2024 to N21.6 billion in 2025, while Gross Premium Written rose 30.05% from N13.03 billion to N17 billion.
Net Premium Income increased 8% to N9.06 billion, while investment income grew nearly 13.9%, supported by favourable placements with financial institutions. Nairametrics had earlier reported the appointment of new directors to strengthen the board and corporate governance. Shareholders at the AGM ratified the appointments of the three new directors, including:
Lucie Tannous Barry as Independent Non-Executive Director. Roland Zwewendpaogré Ouedraogo as Non-Executive Director, and
Olayinka Adaramola as Executive Director, Technical Operations. The appointments received the requisite NAICOM approvals and are expected to strengthen the Board’s skills, experience and strategic capacity. Shareholders also approved TAC Professional Services as the company’s new external auditor, replacing SIAO Partners.
What you should know:
SUNU’s recapitalisation was driven by NIIRA 2025, which raised the minimum capital requirement for non-life insurers from N3 billion to N15 billion, creating an N9 billion capital gap for SUNU as of September 2025. The company subsequently approved a N9.33 billion Rights Issue, offering 2.075 billion new shares at N4.50 each to existing shareholders.
The capital raise was designed to strengthen SUNU’s balance sheet, support underwriting expansion and improve its competitiveness under the new regulatory regime. SUNU’s full year (FY) 2025 performance showed insurance revenue rising to N21.6 billion, while gross premiums written reached N22.7 billion, reflecting stronger underwriting activity. However, with operating profit falling to N2.1 billion from N4.2 billion, despite the stronger top line profitability remains a key test. The insurer also paid N7.8 billion in claims in 2025, up from N4.8 billion, underscoring the need to balance business expansion with underwriting discipline. For shareholders, the test is whether the N9.34 billion recapitalisation and AI-led strategy can convert stronger capital and rising premiums into improved profitability, sustainable returns and ultimately stronger shareholder value.
