Sovereign Trust Insurance Plc, has continued to keep its growth in gross written premium and profit before tax on a growth trajectory taken down the challenges the challenges that characterised the operation of most businesses in 2022.
The general insurer which has its audited results approved by National Insurance Commission recorded N15.2bn GWP as against N12.7bn for 2021, representing 20% growth and, (% increase in its profit before tax of N962m as against N885m for the previous year. Equally of note the performance attests, is the increase in the company’s total equity which also grew by 9% from N9.6b in 2021 to N12.4b in 2022.
The Managing Director and Chief Executive Officer, Mr. Olaotan Soyinka said the audited financials of the company scrolls a performance that 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.
The Managing Director/CEO 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.