IFRS-17: STI Financial Record Gains NAICOM’s Approval As Revenue Hits N19.3bn In 2023

By LOVETH AZODO, Lagos

Sovereign Trust Insurance (STI) Plc has announced that its insurance revenue increased to N19.3bn as against the sum of N15.7bn that was written in 2022,

The Company made the announcement in a statement signed by its DGM/Head Corporate Communication and Investor Relations, Olusegun Bankole.

According to the statement, the financial report was approved by National Insurance Commission’s (NAICOM) after it was verified that the records is inline with the new reporting format IFRS-17

It stated that in spite of the challenging operating environment that characterized operations of most businesses in the country in 2023, the Underwriting Firm maintained its growth trajectory remarkably in the period under review when compared with the performance of year 2022.

Commenting on the report, the Managing Director and Chief Executive Officer of the Underwriting Firm, Mr. Olaotan Soyinka said the performance of the company in 2023 is quite encouraging considering the various business challenges that the insurance Industry had to deal with in the past year.

He said there is definitely room for improvement in the days ahead and that, the Underwriting Firm is poised to take advantage of the opportunities that are inherent in the insurance marketplace.

The statement read in part “Sovereign Trust Insurance Plc, (the Company) recorded a total of N19.3b insurance revenue in 2023 as against the sum of N15.7b that was written in 2022, representing a 23% growth rate for the year. Total Assets of the Underwriting Firm also grew by 33% to N22.7b in 2023 as against N17.1b in 2022. Equally of note is the increase in the company’s Total Equity which also grew by 30% from N10.4b in 2022 to N13.5b in 2023.”

“The return on investment of the Company also grew by 49% from N548.7m in 2022 to N819.4m in 2023. The Company equally recorded a Profit Before Tax of N1.4b just as it did in 2022.”

The Managing Director/CEO of the Company, Mr. Olaotan Soyinka added that the management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.

“These performance levels are a confirmation of the management’s determination to effectively and strategically position the Company as one of the leading and vibrant insurance companies in the country while also making conscious efforts at propelling the Company to a profitable height for shareholders’ delight” in the years ahead. The MD/CEO also hinted that the Underwriting Firm will be paying dividends to its shareholders this year.