Sovereign Trust Insurance Plc, closed its performance in 2024 with 109% up spiralling result of N40.4bn insurance revenue as against the sum of N19.3bn that was written in 2023.
The result which has the seal of approval of the National Insurance Commission was earned despite the challenging operating environment that characterised operations of most businesses in the country with the firm clearly stating that it maintained its growth trajectory remarkably in the period under review when compared with the performance of the previous year.
The Managing Director and Chief Executive Officer, Mr. Olaotan Soyinka said the performance of the company in 2024 is quite encouraging considering the various business challenges that the insurance industry had to deal with in the past year. He said there is definitely room for improvement in the days ahead and that, the underwriting firm is poised to take advantage of the opportunities that are inherent in the insurance marketplace.
Figures accompanying the result showed that total assets grew by 28% to N29.1bn as against previous N22.7bn. Equally of note is the increase in the company’s total equity which also grew by 15% from N13.6bn to N15.6bn. The company recorded a profit before tax of N2bn as against the surpassed N1.4bn, a growth rate of 81%. The profit after tax equally grew by 79% from N1.2bn to N2.3bn. The basic earnings per share (kobo) had a growth rate of 79% from 9.13k to 16.31k in the year under consideration.
Mr. Soyinka while briefing newsmen in Lagos 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 dividends would be paid to its shareholders at the 30th Annual General Meeting of the company.
