Sovereign Trust Insurance Grows Premium by 20%

Sovereign Trust Insurance Plc said in its audited financial statement for the 2022 business year, it had maintained its growth trajectory having increased its gross premium income from N12.7 billion in 2021 to N15.2billion in 2022.

The company said this was despite the challenging operating environment that characterised operations of most businesses in the country in 2022.

Disclosing this in its audited financial report for the 2022 year, the Managing Director and Chief Executive officer of the company, Olaotan Soyinka said it was quite interesting to note that the Company also recorded increase in its Profit Before Tax from N885 million in 2021 to N962m in the year under review.

Olaotan said note worthy was  the increase in the company’s Total Equity which also grew by 9 percent  from N9.6billion in 2021 to N12.4 billion in 2022 .

The MD/CEO said the management of the Company was committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.