The total assets of Sovereign Trust Insurance(STI) Plc rose to N22.7billion in 2023 financial year end as against N17.1billion it was in the previous year, translating to N33 percentage growth within the period under review.
It also recorded N19.3billion insurance revenue in 2023 as against N15.7billion that was written in 2022, representing a 23% growth rate for the year while there was an increase in the company’s Total Equity which also grew by 30% from N10.4billion in 2022 to N13.5billion in 2023. The return on investment of the insurer also grew by 49% from N548.7million in 2022 to N819.4million in 2023 while the company equally recorded a Profit Before Tax of N1.4billion just as it did in 2022.
Having gotten the requisite approval from National Insurance Commission(NAICOM), the managing director/CEO of STI Plc, Mr. Olaotan Soyinka 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. He said, there is definitely room for improvement in the days ahead and that, the underwriting firm is poised to take advantage of opportunities that are inherent in the insurance marketplace.
Saying the management is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike, he added that, “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.”