BY NKECHI NAECHE-ESEZOBOR—A total of N3.2billion was paid as claims to Sovereign Trust Insurance Plc policyholders at the end of the financial year ended 31st December, 2023, BusinessToday Online has learnt.
The underwriter recorded a total Gross Premium Written of N15.2billion in the year over the N12.7billion recorded in 2021, representing a 20% increase. The Underwriting Profit grew by 10% from N2.4billion in year 2021 to N2.7billion in 2022.
Profit Before Tax of N962million as against N885million recorded in year 2021 representing an increase of 9% while the company’s balance sheet improved as total assets of the company increased from N16.4billion to N17.4billion representing 6% growth .
Shareholders Fund increased by 8.6% from N9.6billion in 2021 to N10.4billion in 2022.
Commenting on its financial performance, Managing Director and Chief Executive Officer of the company, Mr. Olaotan Soyinka, attributed the performance to the commitment shown by every member of staff who he described as the Drivers of the organization coupled with the fact, that the company’s Management is also dedicated to ensuring that the company takes its place of pride in the industry.
In his words, “The tenacity of the Sovereign Trust team in achieving aggressive revenue generation is unwavering and we will continue to pursue it with renewed vigour.”
According to him, “it is a statement of fact that we want to be a leading brand in the Insurance Industry providing top-notch and personalised services to all our teeming customers spread across the company with the support of our technology infrastructure.” Our 2022 performance was not fortuitous, we worked towards it and today, we can confidently say that we will continue to better our performance as much as we can while placing
