Sovereign Trust Insurance Plc bags N19.3b premium income in 2023

Olaotan Soyinka

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Chuks Udo Okonta

Sovereign Trust Insurance Plc, (the Company) in its recently released 2023 audited financial statements in line with the new reporting format of IFRS-17 and secured requisite approval from the National Insurance Commission (NAICOM), recorded N19.3b premium income in 2023

In spite the challenging operating environment that characterised operations of most businesses in the country in 2023, the underwriting firm maintained its growth trajectory remarkably in the period under review when compared with the performance of year 2022.

The Managing Director and Chief Executive Officer of the underwriting firm, Olaotan Soyinka, said the performance of the company in 2023 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 firm is poised to take advantage of the opportunities that are inherent in the insurance marketplace.

Sovereign Trust Insurance Plc, (the Company) recorded a total of N19.3b insurance revenue in 2023 as against the sum of N15.7 billion that was written in 2022, representing a 23 per cent growth rate for the year. Total assets of the firm also grew by 33 per cent to N22.7 billion in 2023 as against N17.1 billion in 2022. Equally of note is the increase in the company’s Total Equity which also grew by 30 per cent from N10.4 billion in 2022 to N13.5 billion in 2023. The return on investment of the Company also grew by 49% per cent from N548.7 million in 2022 to N819.4 million in 2023.
The Company equally recorded a Profit Before Tax of N1.4 billion just as it did in 2022.

Soyinka 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 firm would be paying dividends to its shareholders this year.

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