• Wednesday, July 24, 2024
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Sovereign Trust Insurance revenue grows 23% in 2023

Sovereign Trust Insurance revenue grows 23% in 2023

Sovereign Trust Insurance Plc has received approval for its 2023 financial statement in compliance with IFRS 17 reporting format, recording a 23 percent growth in insurance revenue.

The company 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 percent growth rate for the year, having secured the approval of the National Insurance Commission(NAICOM).

In spite of the challenging operating environment that characterised operations of most businesses in the country in 2023, the underwriting firm maintained its growth trajectory in the period under review when compared with the performance of the year 2022, the company said.

Olaotan Soyinka, managing director/CEO of the firm said the performance of the company in 2023 is quite encouraging considering the various business challenges that the insurance industry had to deal with in the past year.

Read also: Sovereign Trust Insurance sustains growth as written premium rises 20%

He said there is definitely room for improvement in the days ahead, and that the firm is poised to take advantage of the opportunities that are inherent in the insurance marketplace.

Soyinka, while commenting on the result, said 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 CEO also hinted that the underwriting firm will be paying dividends to its shareholders this year.