Sanlam General Insurance profit up 31% amid economic challenges

Sanlam General Insurance Nigeria Limited, a member of the largest Insurance group in Africa has in the last five years sustained a year-on-year surge in Gross Premium Written (GPW) amid the socio-economic challenges, while also sustaining consumer confidence in terms of meeting its obligations.

The company’s financial statements revealed a Compound Annual Growth Rate (CAGR) of 31 percent in Profit Before Tax (PBT) from 2018 to 2022, which demonstrates Sanlam General Insurance ability to create value for its stakeholders.

Its Shareholders’ funds also witnessed a CAGR of 12 percent during the same period, increasing from N5.1 billion in 2018 to N8.2 billion in 2022, affirming the company’s commitment to maximizing returns on investment for its shareholders.

Between 2018 and 2022, the company, due to its strategic prowess, grew its GPW from N4.6 billion in 2018 to N11.4 billion in 2022. The insurer paid N10.5 billion to its different policyholders on claims settlements in the five years under review.

Sanlam General Insurance Nigeria Limited reported remarkable profit growth and healthy shareholders’ returns in the same period as its assets hit 16 percent (CAGR), from N9.4 billion in 2018 to N17 billion in 2022. This reflects the company’s robust financial position and ability to meet its financial obligations to its clients.

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The company maintained a healthy claims ratio from 21 percent in 2018 to 29 percent in 2022. It increased its liquidity ratio from 60 percent in 2018 to 66 percent in 2022, indicating its ability to meet its short-term obligations and ensure financial stability.

Bode Opadokun, managing director/CEO of Sanlam General Insurance Nigeria Limited, expressed satisfaction with the remarkable growth in its profit before tax, shareholders’ fund, and total assets over the past five years.

He said: “Our commitment to providing innovative and customer-centric insurance solutions has enabled us to achieve these impressive results.”

“At Sanlam, we remain committed to delivering unmatched value to our shareholders while providing our customers with unparalleled financial protection. We are confident that our continued focus on driving innovation and excellence in service delivery will further improve our financial performance and create long-term value for our stakeholders.”

He added that Sanlam’s successes over the past five years are a testament to its drive and penchant for commitment, financial sustainability and resilience.

He further stated that “As we continue to grow and expand our operations, we remain focused on providing our customers with premier insurance solutions.”

Sanlam is a pan-African brand with a rich history and heritage founded in 1918 as a life insurance company.

The brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent, and a niche presence in India, Malaysia, the United Kingdom and Australia.

Indeed, Sanlam operates in eight out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.