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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here         Daily Independent Online.         * Wednesday, August 11, 2004. Universe Re’s profit up by 30%, targets N1b capital Stories by Bethel Obioma Insurance Correspondent, Lagos   Universe Reinsurance Company Limited has announced a profit after tax increase of 30 per cent from N65.79 million in 2002 to N85.7 million last year. At the company’s 20th annual general meeting, held in Lagos recently, the move to raise the firm’s paid-up capital from N375 million to N500 million within the next year and subsequently to N1 billion in three year’s time, was approved. Universe Re’s chairman, Chief Olabode Emmanuel, said the recapitalisation efforts were geared towards positioning the firm to reap from the emerging opportunities in the insurance sector. “We envisage substantial growth in our life business based on the mandatory provisions for life assurance business in the new Pensions Reform Act. Our management should be commended in their foresight, which guided the board in adding life business to UNIRE’s operations,” he told the shareholders.” For the year ended December 31, 2003, UNIRE’s net underwriting premium increased from N432.65 million in 2002 to N600.32 million in 2003, underwriting profit grew by 51 per cent, from N52.3 million in 2002 to N78.9 million in 2003, while investment income fell 24 per cent from N48.2 million in 2002 to N36.7 million in 2003. The firm said the drop in investment income was as a result of unfavourable interest rates.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.independentng.com e-mail: [email protected]

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