Sovereign Trust Insurance Plc has posted an impressive 109% revenue growth in 2024, signaling the success of its forward-thinking business strategies despite a challenging economic landscape.
The company reported a total insurance revenue of ₦40.4 billion in 2024, up from ₦19.3 billion in 2023. This performance represents a 109% year-on-year growth, according to the firm’s audited financial statements prepared under the new IFRS-17 reporting standards and approved by the National Insurance Commission (NAICOM).
Key financial highlights include:
- Profit Before Tax rose by 81%, reaching ₦2 billion in 2024 (₦1.4 billion in 2023).
- Profit After Tax surged by 79%, hitting ₦2.3 billion, compared to ₦1.2 billion the previous year.
- Total Assets climbed by 28% to ₦29.1 billion (₦22.7 billion in 2023).
- Total Equity grew by 15% to ₦15.6 billion, up from ₦13.6 billion in 2023.
- Basic Earnings Per Share (EPS) increased from 9.13 kobo in 2023 to 16.31 kobo, reflecting a 79% growth.
Mr. Olaotan Soyinka, Managing Director/CEO of Sovereign Trust Insurance, described the company’s 2024 performance as “encouraging and reflective of resilience” amidst industry-wide challenges. He assured shareholders that the company is positioning itself for further growth by capitalizing on emerging opportunities in the Nigerian insurance market.
“These results confirm our strategic commitment to build a vibrant and profitable insurance brand. We remain focused on delivering value to both shareholders and stakeholders,” said Soyinka.
He also revealed that dividend payments will be made during the company’s upcoming 30th Annual General Meeting, further reinforcing the firm’s dedication to rewarding its investors.
According to Mr. Olusegun Bankole, Deputy General Manager and Head of Corporate Communications & Investor Relations, the company’s growth trajectory highlights its ability to adapt and thrive even in uncertain times.
“Our strategies are delivering tangible results. This performance affirms our dedication to transparency, innovation, and market relevance,” Bankole noted.
