New Telegraph

FY’23: Sovereign Trust Records 23% Growth In Revenue

Sovereign Trust Insurance Plc recorded a total of N19.3 billion revenue in 2023 as against the sum of N15.7 billion written in 2022. The figure represents a 23 per cent growth rate for the year. The Managing Director/CEO of the Company, Mr. Olaotan Soyinka, while briefing newsmen in Lagos, also said that total assets of the underwriting firm grew by 33 per cent to N22.7 billion in 2023 as against N17.1 billion in 2022.

Equally of note is the increase in the company’s Total Equity, which also grew by 30 per cent from N10.4 billion in 2022 to N13.5 billion in 2023. The return on investment of the company also grew by 49 per cent 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.

The 2023 audited financial statement was released in line with the new reporting format of IFRS-17, having gotten the requisite approval from the industry regulatory authorities, National Insurance Commission, NAICOM. Speaking further, the managing director said the performance of the company in 2023 was quite encouraging considering the various business challenges that the insurance industry had to deal with in the past year.

He said there was definitely room for improvement in the days ahead and that, the firm was poised to take advantage of the opportunities that are inherent in the insurance marketplace. He said the management was committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.

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