BY NKECHI NAECHE-ESEZOBOR– Sovereign Trust Insurance Plc has released its 2022 audited financial statement with 20 percent growth in gross premium written to N15.2 billion at the end of the year ended 31, December 2022.
According to statement released by the company’s DGM/ Head, Corporate Communications & Investor Relations, Olusegun Bankole, the company’s GPW grew from N12.7billion recorded in the previous year of 20221 to N15.2 billion in the year under review.
The company also recorded a 9% increase in its Profit Before Tax of N962m as against N885m recorded in year 2021.
Total Equity also grew by 9% from N9.6billion in 2021 to N12.4billiom in 2022.
Speaking on its performance, the Managing Director/ CEO, Olaotan Soyinka said the performance of the company in 2022 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.
He 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.