BY AMOS ADEBAYO—-Sovereign Trust Insurance Plc, has released its 2024 audited financial statements in line with the new reporting format of IFRS-17.
The underwriting firm maintained its growth trajectoryremarkably in the period under review when compared with the performance of year 2023.
According to statement release by the insurer, insurance revenue grew to a total of N40.4billion as against N19.3billion achieved in 2023, representing a 109% growth rate for the year.
Total Assets also grew by 28% to N29.1.billion in 2024 as against N22.7billion in 2023 while Profit Before Tax rose to N2.billion as against the N1.4billion in 2023, with a growth rate of 81%.
Profit After Tax equally grew by 79% from N1.2billion in 2023 to N2.3billion in 2024, while Basic Earnings Per Share had a growth rate of 79% from 9.13k in 2023 to 16.31k in the year under consideration.
Commenting, Managing Director and Chief Executive Officer of Sovereign Trust Insurance PLC, Olaotan Soyinka said the performance of the Company in 2024 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, it’s
poised to take advantage of the opportunities that are inherent in the insurance marketplace.
He added that 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 company will be paying dividends to its shareholders at the 30th Annual General Meeting of the Company.
