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By Henry Uche
Sovereign Trust Insurance Plc, recently released its 2023 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 company recorded a total of N19.3 billion insurance revenue in 2023 as against the sum of N15.7 billion that was written in 2022, representing a 23 per cent growth rate for the year. Total assets of the underwriting firm also grew by 33 per cent to N22.7 billion in 2023 as against N17.1 billion in 2022.
Equally of note is the increase in the company’s total equity which also grew by 30 per cent from N10.4 billion in 2022 to N13.5 billion in 2023. The Return On Investment (ROI) of the company also grew by 49 per cent from N548.7 million in 2022 to N819.4 million in 2023. It recorded a Profit Before Tax of N1.4 billion just as it did in 2022.
The Deputy General Manager/Head, Corporate Communications & Investor Relations, Olusegun Bankole, confirmed that in spite of the challenging operating environment which characterised 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.
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Meanwhile, the Managing Director of the underwriting firm, Mr. Olaotan Soyinka, said its performance in 2023 was quite encouraging considering the various business challenges that the insurance industry had to deal with in the past year.
Soyinka said there is still 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.
While briefing newsmen in Lagos he added that 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, as we set to pay dividends to our shareholders this year,” he assured.
