Universal Insurance Q1 2026 earnings show the firm had a sharp spike in insurance service expenses (due to a jump in oil and has claims led to a loss.

Breakdown of insurance revenue and claims

Strip away the fair value gains (which were also humungous in AFS 2025), and the loss after tax is much worse.

Is Universal Insurance trading at a bargain?

At 88 kobo, Universal Insurance is trading slightly lower than its book value per share of N1.04. Deciding factor would be performance for the rest of the year.