Home Business Insurance World Sterling Assurance Grows Profit By 32% To N794million In FY23  
Insurance World

Sterling Assurance Grows Profit By 32% To N794million In FY23  

Share
Share

L-R: Managing Director, Sterling Assurance Nigeria Limited, Mr. Tajudeen Olorunmakomi; Chairman Dr F. K. Lawal; and Company secretary MR D. O . Agbaje during the 25th Annual General Meeting

BY NKECHI NAECHE- ESEZOBOR–Sterling Assurance Nigeria Limited, one of the leading insurance companies in Nigeria, grew its profit by 32 per cent in 2023 financial period.

The insurer’s Profit Before Tax  increased to N794 million from N601 million in 2022, representing a 32% increase.

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% 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%.

“Total assets increased to N8.922 billion as against N6.703 billion in the year 2022 representing a 34% increase.”

The meeting provided a platform to discuss the company’s performance over the past year, and outline strategic plans for the future.

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.

 

 

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

Dr. Awele Elumelu Calls For Increased Female Leadership In Insurance Sector

From left: Lady Margaret Moore, President of the Africa Insurance Women Association,...

AIICO Insurance Pays N52.6bn As Annuity In 5 years

AIICO Insurance Plc said it paid a total of N52.6 billion to...

How Reliable And Comprehensive Data Can Transform Africa Insurance Industry- Dr. Awele Elumelu

Chairperson, Heirs Insurance Brokers & Avon Healthcare Limited, Dr. Awele Elumelu.  ...

AIWA Confab: Dr Elumelu Highlights, Digital Innovation, Microinsurance, PPP As Game Changer For Africa Insurance Industry

From left: President Africa Insurance Women Association, Lady Margaret Moore; Chairman Local...