Sovereign Trust Insurance sustains growth as written premium rises 20%

Sovereign Trust Insurance Plc has released its 2022 audited financial result sustaining its growth trajectory despite the harsh operating environment.

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

The firm’s profit before tax also rose to N962 million as against N885 million recorded in the year 2021.

Olaotan Soyinka, managing director of the underwriting firm 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.

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Equally of note is the increase in the company’s total equity, which also grew by 9 percent from N9.6 billion in 2021 to N10.4 billion in 2022.

Soyinka while briefing journalists in Lagos 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.