…Holds AGM August 24
By Henry Uche
Sovereign Trust Insurance Plc said amidst challenges in the business environment in 2022, the company ended the financial year on a laudable note with a total Gross Premium Written (GPW) of N15.2bn, over N12.7bn recorded in 2021, representing a 20% increase.
Briefing newsmen in Lagos on its coming 28th AGM holding in Lagos, its Deputy General Manager, Corporate Communications & Investor Relations, Segun Bankole, affirmed that the underwriting profit grew by 10% from N2.4bn in 2021 to N2.7bn in 2022. Also the company achieved Profit Before Tax (PBT) of N962million as against N885million recorded in year 2021 representing an increase of 9%.
Bankole revealed to newsmen that the underwriter’s balance sheet improved as total assets of the company increased from N16.4bn to N17.4bn, representing 6% growth while shareholders’ fund increased by 8.6% from N9.6bn in 2021 to N10.4bn in 2022.
More so, the Company in 2022 settled claims totaling N3.2bn to various policyholders spread across the country. Regardless of the level of uncertainties and dynamics in the business and macro-economic environment, Sovereign Trust maintained that it remain strong to continuously sustain and build on its market share while remaining one of the prime choices for insurers in the Nigerian insurance landscape.
“The company, no doubt showed great resilience amidst various challenges that characterized the operating environment in 2022. There is every reason to be appreciative to all the shareholders and customers of the organization who had shown great level of commitment and patronage to the Company since inception 28 years ago” he stressed.
Commenting, the MD/CEO of the company, Mr. Olaotan Soyinka attributed the performance to the commitment shown its personnel whom he described as the drivers of the organization coupled with the company Management’s dedication to ensuring that the company takes its place of pride in the industry. His words, “The tenacity of Sovereign Trust team in achieving aggressive revenue generation is unwavering and we will continue to pursue it with renewed vigour.
“It is a statement of fact that we want to be a leading brand in the Insurance Industry providing top-notch and personalised services to all our teeming customers spread across the company with the support of our technology infrastructure.”
The MD added, “Our 2022 performance was not fortuitous, we worked towards it and today, we can confidently say that we will continue to better our performance as much as we can while placing serious premium on corporate governance, ethics and ensuring superior investment returns in the years ahead.”