Sovereign Trust Insurance Grows Profit After Tax to ₦2.3 Billion in 2024

By LOVETH AZODO, Lagos

Sovereign Trust Insurance Plc has reported a profit after tax of ₦2.3 billion for the financial year ended December 31, 2024, representing a 79% increase from the ₦1.2 billion recorded in 2023.

The announcement came as part of the company’s audited financial statements, which were released to the public following approval by the National Insurance Commission (NAICOM) and in line with the industry’s transition to the IFRS-17 reporting framework.

The 2024 results reflect significant improvements across all major financial indicators, underlining the insurer’s resilience in a year marked by macroeconomic instability and heightened operational challenges in the nation’s business environment.

According to the report, Sovereign Trust Insurance’s total insurance revenue climbed to ₦40.4 billion in 2024, up from ₦19.3 billion in 2023. Total assets grew by 28%, rising to ₦29.1 billion, while total equity advanced to ₦15.6 billion, marking a 15% year-on-year increase.

Profit before tax stood at ₦2.5 billion up from ₦1.4 billion while basic earnings per share jumped from 9.13 kobo to 16.31 kobo during the period under review.

The company’s performance is expected to lead to dividend payments at its upcoming 30th Annual General Meeting, a signal of its strengthened financial footing and focus on delivering value to shareholders.

Sovereign Trust Insurance’s latest results position it as a key player in Nigeria’s insurance sector, demonstrating the ability to achieve sustainable growth amid evolving regulatory and economic landscapes.