Cynthia Ezekwe
In a year that saw global and domestic economies buckle under the weight of financial turbulence, Sovereign Trust Insurance Plc, a risk management services company in the Nigerian insurance industry, defied the odds, recording a 23 percent leap in its premium income, lifting its insurance revenue to N19.3 billion in 2023, up from N15.7 billion in 2022.
The 2023 financial results, in line with the new reporting format of IFRS-17 and secured requisite approval from the National Insurance Commission (NAICOM), indicated a remarkable performance across key metrics. The firm’s total assets appreciated 33 percent to N22.7 billion in 2023 as against N17.1 billion in 2022.
In another development, the company’s total equity grew 30 percent from N10.4 billion in 2022 to N13.5 billion in 2023.
Sovereign Trust also recorded an increase in its return on investment, which rose 49 percent from N548.7 million in 2022 to N819.4 million in 2023. The Company equally recorded a profit before tax of N1.4 billion just as it did in 2022.
Commenting on the financials, Olaotan Soyinka, the managing director and chief executive officer of the underwriting firm, said the performance of the company in 2023 is quite encouraging considering the various business challenges that the insurance industry had to deal with in the past year.
Soyinka noted that the company is poised to take advantage of the opportunities that are inherent in the insurance marketplace, adding that management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.Â
The CEO of Sovereign Trust Insurance also remarked that the positive 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.
