Sovereign Trust Insurance Plc recently released its 2024 audited financial statements, recording a 109 percent increase in insurance revenue, closing the year at N40.4 billion, while its bottom line also grew by 79 percent, closing at N2.3 billion.
According to the management, the underwriting firm maintained its growth trajectory in the period under review when compared with the performance of the year 2023, despite the challenging operating environment that characterised operations of most businesses in the country in 2024.
Olaotan Soyinka, managing director/CEO, who disclosed the performance of the Company during a chat with a journalist, 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.
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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.
He said Sovereign Trust Insurance Plc recorded a total of N40.4 billion insurance revenue in 2024 as against N19.3 billion that was written in 2023, representing a 109 percent growth rate for the year, while total Assets also grew by 28 percent to N29.1 billion in 2024 as against N22.7 billion in 2023.
Equally of note is the increase in the company’s Total Equity, which also grew by 15 percent from N13.6 billion in 2023 to N15.6 billion in 2024.
The Company equally recorded a Profit Before Tax of N2 billion as against the N1.4 billion that was recorded in 2023, with a growth rate of 81 percent.
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The Profit After Tax equally grew by 79 percent from N1.2 billion in 2023 to N2.3 billion in 2024. The Basic Earnings per share (kobo) had a growth rate of 79 percent from 9.13 kobo in 2023 to 16.31kobo in the year under consideration.
Soyinka said management 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 also hinted that the underwriting firm will be paying dividends to shareholders at the 30th Annual General Meeting, slated for a later date.
