Sovereign Trust Insurance Records 20% Growth in GPW in 2022

 

Sovereign Trust Insurance Plc, (the Company) recently released its 2022 audited financials to the general public having gotten the requisite approval from the Industry’s Regulatory Authourity, National Insurance Commission, NAICOM.

Inspite 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.

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 N15.2b Gross Premium Written in 2022 as against the sum of N12.7b 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 N10.4b in 2022.

The Managing Director/CEO while briefing newsmen 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.

Hot this week

SanlamAllianz Nigeria Launches Proud Moments 2.0, Celebrates Achievements Worth Protecting

Riding on the resounding success of its foundational debut,...

Insurance Meets Tech 5.0 Now Holds on November 20, 2026

Insurance Meets Tech (IMT), Nigeria’s leading platform for conversations...

Sanwo-Olu, Lai Mohammed, Gbenga Daniel to Discuss 2027 Elections, Insecurity at 7th Freedom Online Lecture

Challenges facing the economy and insecurity, especially associated with...

AXA Mansard Intensifies Hepatitis Awareness with Free Community Screening

As part of efforts to promote preventive healthcare and...

Heirs Insurance Group Celebrates 1,000 Retirees at Lagos Meeting

Heirs Insurance Group, Nigeria's fastest-growing insurance group, reaffirmed its...

Topics

BudgIT Uncovers N7tn Projects Inserted by NA in 2025 FG Budget

BudgIT, a civic tech organisation promoting transparency and accountability...

IPEN Roundtable 2023: Participants to Get Free Insurance Cover

Participants who will attend the upcoming IPEN Insurance and...

Premier League Transfer Spending Hits £500m

Transfer spending in the Premier League has reached £500 million this summer, £335 million short of last summer’s total with four weeks until the transfer deadline. Raheem Sterling’s move to Manchester City for an initial fee of £44 million has been the highest so far. Manchester United boss, Louis van Gaal has hinted at a “surprise” signing despite spending £83 million already.

Fidelity Bank Boosts Gymnastics Dev with Gymfest Championship 2.0 Sponsorship

L-R: Head Coach, Tee Tumblers Gymnastics Club & Lagos...

FOR THE RECORD: Weakening Growth in Sub-Saharan Africa Calls for Policy Reset

Growth lowest in 15 years, with significant variation across...

AfDB, Japan Unveil $3bn Anti-Poverty Private Sector Initiative in Africa

The African Development Bank (AfDB) and the Government of...

Pension Industry Grew 15% to N5.3tr at End 2015

The aggregate assets under the Contributory Pension Scheme ...

Anambra Tops 2025 State of States Fiscal Performance Ranking

BudgIT, Nigeria’s leading civic-tech organisation promoting fiscal transparency and...