Sovereign Trust Insurance Grows GPW by 20% to N15.2bn in 2022

Samuel Mobolaji

Sovereign Trust Insurance Plc, has grew its Gross Premium Written (GPW) by 20 per cent to N15.2 billion in 2022, as against the sum of N12.7 billion that was written in 2021, the company’s audited financials revealed.

In spite 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 Firm, in a statement by its DGM/Head, Corporate Communications & Investor Relations, Mr Segun Bankole, 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.

It is quite interesting to note that the Company also recorded a 9 per cent increase in its Profit Before Tax (PBT) of N962 million as against N885 million recorded in year 2021. Equally of note is the increase in the company’s Total Equity which also grew by 9 per cent from N9.6 billion in 2021 to N12.4 billion in 2022.

The MD/CEO 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”.