Sovereign Trust Insurance Plc, one of Nigeria’s progressive insurance firms, has announced significant growth in its financial performance for 2024, driven by effective strategic initiatives.
In a recent statement, Mr. Olusegun Bankole, Deputy General Manager and Head of Corporate Communications & Investor Relations, revealed that the company’s audited financial statements—prepared in compliance with the new IFRS-17 reporting standard and approved by the National Insurance Commission (NAICOM)—showed robust improvements across nearly all key performance indicators.
Despite a challenging economic climate in 2024, Sovereign Trust Insurance maintained a strong upward trajectory when compared to its 2023 performance.
Managing Director and Chief Executive Officer, Mr. Olaotan Soyinka, described the company’s performance as “encouraging,” noting that the insurance sector faced multiple headwinds during the year. He emphasized that there is still room for growth and reiterated the firm’s readiness to capitalize on emerging opportunities in the insurance market.
The company reported an insurance revenue of ₦40.4 billion in 2024, a 109% increase from ₦19.3 billion in 2023. Its total assets rose by 28% to ₦29.1 billion, up from ₦22.7 billion in the previous year. Total equity also grew by 15%, reaching ₦15.6 billion compared to ₦13.6 billion in 2023.
Profit Before Tax climbed by 81% to ₦2 billion, from ₦1.4 billion in 2023. Profit After Tax followed suit, increasing by 79% to ₦2.3 billion, up from ₦1.2 billion. Additionally, Basic Earnings Per Share rose from 9.13 kobo to 16.31 kobo, reflecting a 79% growth.
Speaking to journalists in Lagos, Mr. Soyinka affirmed the company’s commitment to exceeding shareholder and stakeholder expectations. He said, “These results reaffirm our strategic focus on positioning Sovereign Trust Insurance as a dynamic leader in Nigeria’s insurance industry. We remain dedicated to driving profitability and enhancing shareholder value.”
Mr. Soyinka also disclosed that the company plans to pay dividends at its upcoming 30th Annual General Meeting.
