Sovereign Trust Insurance Plc, has released its performance for 2023 with total insurance revenue of N19.3b as against the sum of N15.7b that was written in 2022, representing a 23% growth rate for the year. Total Assets of the underwriting firm also grew by 33% to N22.7b in 2023 as against N17.1b in 2022.
This stats is contained in the company’s statement that hinged the audited financial statements in line with the new reporting format of IFRS-17 to the general public having gotten the requisite approval from the industry’s regulatory authority, National Insurance Commission, NAICOM. The statement also cleared that in spite of the challenging operating environment that characterized operations of most businesses in the country in 2023, the underwriting firm maintained its growth trajectory remarkably in the period under review when compared with the performance of year 2022.
Equally of note is the increase in the company’s total equity which also grew by 30% from N10.4b in 2022 to N13.5b in 2023. The return on investment also grew by 49% from N548.7m in 2022 to N819.4m in 2023. The profit before tax was N1.4b just as it did in 2022.
The Managing Director and Chief Executive Officer, Mr. Olaotan Soyinka said the company’ performance in 2023 is quite encouraging considering the various business challenges that the insurance Industry had to deal with in the past year. Confident for a definite improvement in the days ahead he said the underwriting firm is poised to take advantage of the opportunities that are inherent in the insurance marketplace.
Soyinka, while briefing newsmen in Lagos as it relates to the general public especially its shareholders said the management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike. “These performance levels are a confirmation of the management’s determination to effectively and strategically position the Company as one of the leading and vibrant insurance companies in the country while also making conscious efforts at propelling the company to a profitable height for shareholders’ delight” in the years ahead. The MD/CEO also hinted that the underwriting firm will be paying dividends to its shareholders this year.
