Sanlam General Insurance grows profit by 31%, pays N10.5bn claims in 5 years


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Sanlam General Insurance Nigeria Limited, a member of the largest Insurance group in Africa is committed to providing unparalleled financial confidence to its customers, the last five years has seen Sanlam General Insurance sustain a year-on-year surge in its Gross Premium Written (GPW) amid the socio-economic wobbles.

A statement by Marketing and Corporate Communications Manager Sanlam General Insurance, Ajibola Liyide, said the company’s financial statements revealed a Compound Annual Growth Rate (CAGR) of 31per cent in Profit Before Tax (PBT) from 2018 to 2022, which demonstrates Sanlam General Insurance ability to create value for its stakeholders.

Its Shareholders’ funds also witnessed a CAGR of 12per cent during the same period, increasing from N5.1bn in 2018 to N8.2bn in 2022. This impressive growth in shareholders’ funds affirms the company’s commitment to maximizing returns on investment for its shareholders.

Between 2018 and 2022, the company, due to its strategic prowess, grew its GPW from N4.6bn in 2018 to N11.4bn in 2022. The insurer paid N10.5bn to its different policyholders on claims settlements in the five years under review.

Sanlam General Insurance Nigeria Limited reported remarkable profit growth and healthy shareholders’ returns in the same period as its Assets hit 16 per cent (CAGR), from N9.4bn in 2018 to N17bn in 2022. This reflects the company’s robust financial position and ability to meet its financial obligations to its clients.

The company maintained a healthy claims ratio from 21 per cent in 2018 to 29% in 2022. It increased its liquidity ratio from 60% in 2018 to 66% in 2022, indicating its ability to meet its short-term obligations and ensure financial stability.

The MD/CEO of Sanlam General Insurance Nigeria Limited, Bode Opadokun expressed satisfaction on the remarkable growth in its profit before tax, shareholders’ fund, and total assets over the past five years.

He said: “Our commitment to providing innovative and customer-centric insurance solutions has enabled us to achieve these impressive results.”

“At Sanlam, we remain committed to delivering unmatched value to our shareholders while providing our customers with unparalleled financial protection. We are confident that our continued focus on driving innovation and excellence in service delivery will further improve our financial performance and create long-term value for our stakeholders.”

He added that Sanlam’s successes over the past five years are a testament to its drive and penchant for commitment, financial sustainability and resilience. He further stated that “As we continue to grow and expand our operations, we remain focused on providing our customers with premier insurance solutions.”

Sanlam is a pan-African brand with a rich history and heritage founded in 1918 as a life insurance company. The brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent, and a niche presence in India, Malaysia, the United Kingdom and Australia. Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.

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