•Pledges to surpass shareholders’ expectations
By Henry Uche
Sovereign Trust Insurance Plc, recently released its 2022 audited financial statement to the general public following the approval of the National Insurance Commission, NAICOM.
A statement by the Deputy General Manager/Head, Corporate Communications & Investor Relations, Olusegun Bankole, the company said that in spite of the challenging operating environment that hobbled the operations of most businesses in the country in 2022, the underwriting firm maintained its growth trajectory in the period under review when compared with the performance of year 2021.
Commenting on the feat, the Managing Director/CEO of the underwriting firm, Mr. Olaotan Soyinka, said the record was quite encouraging considering the various business challenges the insurance industry had to deal with in the past year.
He said there was definitely room for improvement in the days ahead and that the firm is poised to take advantage of the opportunities inherent in the insurance marketplace.
According to the result the Company recorded a total of N15.2billion Gross Premium Written in 2022 as against the sum of N12.7billion in 2021, representing a 20 per cent growth rate for the year. It also recorded a 9 per cent increase in its Profit Before Tax of N962million as against N885million recorded in year 2021. It also increased its Total Equity which grew by 9per cent from from N9.6billion in 2021 to N10.4billion in 2022.
Soyinka affirmed that management remains 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 it to a profitable height for shareholders’ delight in the years ahead* he assured.