BY NKECHI NAECHE-ESEZOBOR-Sovereign Trust Insurance Plc has released its 2023 audited financial statements in line with the new reporting format of IFRS-17 to the general public having gotten the requisite approval from the industry’s Regulatory Authority, National Insurance Commission, NAICOM.
According to the company, in spite of the challenging operating environment that characterized operations of most businesses in the country in 2023, the company maintained its growth trajectory remarkably in the period under review when compared with the performance of year 2022.
Breakdown of its financial performance shows that the company recorded a total of N19.3billion insurance revenue in 2023 as against the sum of N15.7billion in 2022, representing a 23 percent growth rate for the year.
Total Assets also grew by 33 Percent to N22.7billion in 2023 as against N17.1billion in 2022 while company’s Total Equity also grew by 30 percent from N10.4billion in 2022 to N13.5billion in 2023.
The return on investment of the Company also grew by 49 percent from N548.7million in 2022 to N819.4million in 2023 while Profit Before Tax of N1.4billion just as it did in 2022.
Commenting on its performance, the Managing Director and Chief Executive Officer of the company, Mr. 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 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.
He also hinted that the underwriting firm will be paying dividends to its shareholders this year.
