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Chuks Udo Okonta
Sovereign Trust Insurance Plc, (the Company) in its recently released 2024 audited financial statements in line with the new reporting format of IFRS-17, having obtained the requisite approval from the National Insurance Commission (NAICOM), revealed the it recorded N40.4 billion insurance revenue in 2024.
Despite the challenging operating environment that characterised operations of most businesses in the country in 2024, the underwriting firm maintained its growth trajectory remarkably in the period under review when compared with the performance of year 2023.
The Managing Director and Chief Executive Officer of the underwriting firm, Olaotan Soyinka said the performance of the Company in 2024 is quite encouraging considering the various business challenges that the insurance Industry had to deal with in the past year.
He said there is definitely 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.
Sovereign Trust Insurance Plc, recorded a total of N40.4 billion insurance revenue in 2024 as against the sum of N19.3 billion that was written in 2023, representing a 109 per cent growth rate for the year.
Total Assets of the firm also grew by 28 per cent to N29.1.billion in 2024 as against N22.7 billion in 2023.
Equally of note is the increase in the company’s Total Equity which also grew by 15 per cent from N13.6 billion in 2023 to N15.6 billion in 2024.
The Company equally recorded a Profit Before Tax of N2 billion as against the N1.4 billion that was recorded in 2023, with a growth rate of 81 per cent.
The Profit After Tax equally grew by 79 per cent from N1.2 billion in 2023 to N2.3b in 2024.
The Basic Earnings Per Share (kobo) had a growth rate of 79 per cent from 9.13k in 2023 to 16.31k in the year under consideration.
Soyinka while briefing newsmen in Lagos said 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.
The MD/CEO also hinted that the Underwriting Firm will be paying dividends to its shareholders at the 30th Annual General Meeting of the Company.
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