Sovereign Trust Insurance grows profit by 20% to close at N15.2bn

Sovereign Trust Insurance Plc has released its 2022 audited financial report which indicated growth in critical industry indices.

In spite of the challenging operating environment that characterized the operations of most businesses in the country in 2022, Sovereign Trust Insurance said that it maintained its growth trajectory remarkably in the period under review when compared with the performance of the year 2021.

A statement issued by Sovereign Trust Insurance’s Deputy General Manager and Head, Corporate Communications & Investor Relations, Mr. Segun Bankole, the Managing Director and Chief Executive Officer of the Underwriting Firm, Mr. Olaotan Soyinka said the performance of the company in 2022 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.

Sovereign Trust Insurance Plc, (the Company) recorded a total of N15.2 billion Gross Premium Written in 2022 as against the sum of N12.7 billion that was written in 2021, representing a 20% growth rate for the year.

It is quite interesting to note that the Company also recorded a 9% increase in its Profit Before Tax of N962m as against N885m recorded in the year 2021. Equally of note is the increase in the company’s Total Equity which also grew by 9% from N9.6b in 2021 to N12.4b in 2022.

The MD/CEO 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 added.

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