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.
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.
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.
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.
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.
Shareholders at the AGM ratified the appointments of the three new directors, including:
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.
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.
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.
