Sovereign Trust Insurance Plc has released its audited financial statements for 2023, prepared in accordance with the new IFRS-17 reporting standards and approved by the National Insurance Commission (NAICOM).
The company reported a premium income of N19.3 billion for the year.
Despite the challenging business environment in Nigeria throughout 2023, Sovereign Trust Insurance Plc showed remarkable growth compared to its performance in 2022.
Olaotan Soyinka, managing director and CEO of Sovereign Trust Insurance Plc, commented that the company’s 2023 performance is notably encouraging, especially given the various challenges faced by the insurance industry over the past year.
He pointed out that while there is still room for improvement, the firm is well-positioned to capitalize on the opportunities within the insurance market in the coming days.
Sovereign Trust Insurance Plc, recorded a total of N19.3 billion insurance revenue in 2023 as against the sum of N15.7 billion that was written in 2022, representing a 23% growth rate for the year.
The firm’s total assets surged by 33%, reaching N22.7 billion in 2023, compared to N17.1 billion in 2022. Additionally, the company’s total equity saw a notable increase of 30%, rising from N10.4 billion in 2022 to N13.5 billion in 2023.
The company’s return on investment also experienced significant growth, jumping by 49% from N548.7 million in 2022 to N819.4 million in 2023.
Furthermore, it maintained steady profit before tax, recording N1.4 billion, consistent with its performance in 2022.
Soyinka 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.
The MD/CEO also hinted that the firm would be paying dividends to its shareholders this year.
