Sovereign Trust Insurance Plc recently released its 2024 audited financial statements in line with the new reporting format of IFRS-17 to the general public having obtained the requisite approval from the industry’s Regulatory Authority, National Insurance Commission, NAICOM.
Despite the challenging operating environment that characterised operations of most businesses in the country in 2024, the underwriting firm maintained its growth trajectory remarkably in the period under review when compared with the performance of year 2023.
The Managing Director and Chief Executive Officer of the underwriting firm, Mr. Olaotan Soyinka said the performance of the Company in 2024 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, recorded a total of N40.4b insurance revenue in 2024 as against the sum of N19.3b that was written in 2023, representing a 109% growth rate for the year. Total Assets of the Underwriting Firm also grew by 28% to N29.1.b in 2024 as against N22.7b in 2023. Equally of note is the increase in the company’s Total Equity which also grew by 15% from N13.6b in 2023 to N15.6b in 2024. The Company equally recorded a Profit Before Tax of N2.b as against the N1.4b that was recorded in 2023, with a growth rate of 81%.
The Profit After Tax equally grew by 79% from N1.2b in 2023 to N2.3b in 2024. The Basic Earnings Per Share (kobo) had a growth rate of 79% from 9.13k in 2023 to 16.31k in the year under consideration.
Mr. Soyinka 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.
The MD/CEO also hinted that the underwriting firm will be paying dividends to its shareholders at the 30th Annual General Meeting of the company.
