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Chuks Udo Okonta
Sterling Assurance Nigeria Limited, one of the leading insurance companies in Nigeria, grew its profit by 32 per cent, amounting to Gross Written Premium (GWP) of N5.9 billion in 2023.
The Chairman of the company, Dr. Fatai Lawal, disclosed this while presenting the 2023 financial report, during its 25th Annual General Meeting in Lagos recently.
The meeting provided a platform to discuss the company’s performance over the past year, and outline strategic plans for the future.
In his address, Lawal highlighted key financial metrics that underscored the company’s resilience and growth in a challenging economic environment.
Highlights of the financial performance showed that, “Sterling Assurance reported a Gross Written Premium of N5.9 billion for the fiscal year 2023, representing a 20 per cent increase compared to N4.9 billion in 2022;
“Insurance revenue increased to N5.041 billion from N4.966 billion (restated) in the year 2022;
“Insurance service results increased to 1.98 billion from 1.39 billion in 2022, indicating a growth rate of 42.1%.
“Profit Before Tax also increased to N794 million from N601 million in 2022, representing a 32% increase.
“Total assets increased to N8.922 billion as against N6.703 billion in the year 2022 representing a 34% increase.”
The shareholders upheld the approval of principal officers as approved by the regulator, National Insurance Commission (NAICOM).
In his closing remarks, the Chairman appreciated all the shareholders for their continued support and confidence in the company.
