SUNU Assurances Nigeria Plc has disclosed that its board of administrators has accepted a plan to boost as much as N9.33 billion by way of a rights challenge to current shareholders.
The choice was introduced in a discover filed with the Nigerian Alternate, outlining key resolutions handed on the board assembly held on 9 February 2026, as the corporate units its sights on growth.
In accordance with the discover, the corporate is licensed to create 2,075,285,714 new atypical shares of fifty kobo every as a part of the capital-raising train, topic to regulatory approvals.
Beneath the accepted construction, the brand new shares might be supplied by the use of a rights challenge on the idea of 5 new atypical shares for each fourteen atypical shares held by certified shareholders, at a suggestion value of N4.50 per share.
What the info is saying
The board disclosed that SUNU Assurances Nigeria Plc’s issued share capital stood at N2.9 billion, divided into 5,810,800,000 atypical shares, previous to the proposed rights challenge.
- Following the creation of an further 2,075,285,714 atypical shares, the corporate’s share capital will enhance to N3.9 billion, now divided into 7,886,085,714 atypical shares, topic to regulatory approvals.
The newly created shares might be issued to shareholders whose names seem on the corporate’s register of members as on the qualifying date, being the date the rights challenge software is submitted to the NGX for approval.
- In consequence, SUNU’s excellent shares are anticipated to rise from 5,810,800,000 to 7,886,085,714 after the rights challenge.
At an assumed provide value of N4.50 per share, the corporate’s market capitalization would increase from roughly N26.1 billion to about N35.4 billion following the issuance.
Available in the market, nonetheless, SUNU’s shares are buying and selling greater at N4.77, up 4.8% on the day as of the shut of buying and selling on 10 February 2026.
The renewed investor curiosity doubtless displays the introduced rights challenge and a robust 2025 efficiency, throughout which SUNU reported insurance coverage income of N21.6 billion for FY2025.
Rise up to hurry
In accordance with its revealed unaudited monetary statements on the Nigerian Alternate (NGX), SUNU Assurances Nigeria Plc recorded sturdy top-line development in FY2025, with income rising to N21.6 billion from N15.2 billion in FY2024.
- After accounting for insurance coverage and reinsurance bills, the corporate posted an insurance coverage service results of N6.3 billion.
Funding earnings rose to N1.5 billion, representing a 13.6% year-on-year enhance.
Nonetheless, greater working prices weighed profitability, with worker profit bills climbing to N1.5 billion and different working bills reaching N3.6 billion.
- In consequence, working revenue declined to N2.1 billion, down from N4.2 billion in FY2024.
With impairment losses of simply N302,000 and finance prices of N4.3 million, revenue earlier than tax settled at N2.1 billion, in comparison with N4.2 billion recorded within the prior 12 months.
What to know
The insurer generated N22.7 billion in gross premiums written, up from N15.4 billion in 2024, reflecting stronger underwriting exercise.
- Claims paid rose to N7.8 billion from N4.8 billion within the earlier 12 months, indicating elevated insurance coverage protection and claims settlement.
- Whole belongings elevated by 4.7% to N24.4 billion, with money and money equivalents of N12.0 billion accounting for a good portion of the steadiness sheet.
- Whole fairness stood at N14.8 billion, whereas retained earnings had been reported at N5.9 billion.
As of the shut of buying and selling on 10 February 2026, shares of SUNU Assurances Nigeria Plc had been priced at N4.77 per share, down 13.27% year-to-date.
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