Sovereign Trust Insurance Plc grew its total assets by 33 percent to N22.7 billion in 2023 as against N17.1 billion recorded in 2022.
This is contained in the just released financial performance result for 2023, which states that the underwriting firm also recorded total insurance revenue of N19.3 billion as against the sum of N15.7 billion that was written in 2022, representing a 23 percent growth rate for the year.
Sovereign Trust Insurance Plc stated that the company’s audited financial statements are in conformity with the new reporting format of IFRS-17 and 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 characterised operations of most businesses in the country in the period under review, the underwriting firm maintained its growth trajectory remarkably in 2023 when compared with the performance in 2022.
Equally of note is the increase in the company’s total equity, which also grew by 30 percent from N10.4 billion in 2022 to N13.5 billion in 2023.
The return on investment also grew by 49 percent from N548.7 million in 2022 to N819.4 million in 2023 and the profit before tax was N1.4 billion just as it recorded in 2022.
Mr Olaotan Soyinka, the Managing Director and Chief Executive Officer of the firm said the company’s performance in 2023 was encouraging considering the various business challenges that the insurance industry had to grapple with in the past year.
He expressed confidence in improvement in the days to come and said the underwriting firm is poised to take advantage of the opportunities that are inherent in the insurance marketplace.
Briefing newsmen in Lagos as it relates to the general public, especially its shareholders, Mr Soyinka said the management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.
He said, “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.”
Also, the MD/CEO disclosed that the underwriting firm will be paying dividends to its shareholders this year.
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