STI grows GPW by 20% to record N15.2bn in 2022
Sovereign Trust Insurance Plc, (the Company) recently released its 2022 audited financial report to the general public having received the requisite approval from the Industry’s Regulatory Authority, National Insurance Commission (NAICOM).
In spite of the challenging operating environment that characterized operations of most businesses in the country in 2022, the Underwriting Firm maintained its growth trajectory remarkably in the period under review when compared with the performance of year 2021.
According to a statement by the Firm’s DGM/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 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.