Sovereign Trust Insurance declares dividend, grows assets by 33%

Sovereign Trust Insurance Plc grew its assets by 33 per cent in 2023 financial period.

The company also declared a dividend of 3k for every share held with the company as from the date of the closure of the register.

The company’s Spokesperson and Head, Corporate Communications & Investor Relations, Mr. Segun Bankole, disclosed in a statement, after it held its 29th Annual General Meeting on Thursday at the Baylounge in Lekki, Lagos.

In spite of the challenging macro-economic environment that characterized the year under review, the Underwriting Firm still continued on the pathway of growth.

The company grew its insurance revenue by 23.1% from N15.7B in 2022 to N19.3B in 2023. The Insurance Service Expenses in line with the new accounting standard grew by 21.7% from N6B in 2022 to N7.3B in 2023.

Furthermore, the Investment Income increased from N548M in 2022 to N819M in 2023, representing 49.3% growth. In the area of claims administration, the company paid a total of N3.3B in 2023 as against N3.2B in 2022.

The company’s total asset grew from N17.2B in 2022 to N22.8B in 2023, resulting in 33% increase. The total equity rose by 31% from N10.4B in 2022 to N13.6B in 2023. This is largely due to the success recorded at the Rights Issue exercise carried out by the company in 2023. In addition, Profit Before Tax (PBT) of N1.42B was achieved in the year under review.