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By Henry Uche
Sovereign Trust Insurance Plc said ended the 2022 financial year with a total Gross Premium Written (GPW) of N15.2billion, as against the N12.7billion recorded in 2021, representing a 20 per cent increase.
Briefing newsmen in Lagos ahead of its impending 28th AGM holding in Lagos, Deputy General Manager, Corporate Communications & Investor Relations, Segun Bankole, affirmed that the underwriting profit grew by 10 per cent from N2.4billion in 2021 to N2.7billion in 2022.
Also the company achieved a Profit Before Tax (PBT) of N962 million as against N885 million recorded in 2021 representing an increase of 9 per cent.
Bankole revealed to newsmen that the underwriter’s balance sheet improved as total assets of the company increased from N16.4billion to N17.4billion, representing 6 per cent growth while shareholders’ fund increased by 8.6 per cent 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 macro-economic environment, Sovereign Trust maintained that it remain strong to continuously sustain and build on its market share while remaining a prime choices for insurers in the Nigerian insurance landscape.
“The company, no doubt showed great resilience amidst various challenges that characterised the operating environment in 2022. There is every reason to be appreciative of all the shareholders and customers of the organisation who had shown great level of commitment and patronage to the Company since inception 28 years ago,” he stressed.
Commenting, its MD/CEO, Mr. Olaotan Soyinka attributed the performance to personnel’s commitment 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.”
