Sovereign Trust records N2.3bn PAT, N29bn assets

By Henry Uche

Sovereign Trust Insurance Plc, has recorded Profit After Tax (PAT) of N2.3billion in 2024, from N1.2billion it made in 2023, showing a 79 per cent increase. The company’s total assets grew by 28 per cent to N29.1.billion in 2024, as against N22.7billion in 2023.

A statement by the Company’s Deputy General Manager/ Head, Corporate Communications & Investor Relations, Olusegun Bankole, confirmed that its 2024 audited financial statements was approved by the industry’s regulatory authority, National Insurance Commission (NAICOM), and falls in line with the new reporting format of IFRS-17 to the general public.

Sovereign Trust also recorded a total of N40.4billion insurance revenue in 2024 as against the sum of N19.3billion that was written in 2023, representing a 109 per cent growth rate for the year.

Equally, the company’s total equity grew by 15 per cent from N13.6billion in 2023 to N15.6billion in 2024. The company also recorded a Profit Before Tax of N2.billion as against the N1.4billion that was recorded in 2023, with a growth rate of 81 per cent.

The Basic Earnings Per Share (kobo) had a growth rate of 79 per cent from 9.13k in 2023 to 16.31k in the year under consideration.

According to Bankole, despite the challenging operating environment that characterised operations of most businesses in the country in 2024, the underwriting firm maintained its growth trajectory, remarkably in the period under review when compared with the performance of year 2023.

While briefing newsmen in Lagos, the Managing Director/Chief Executive Officer of the underwriting firm, Mr. Olaotan Soyinka, said despite the challenges, Sovereign Trust encountered in 2024, there is definitely room for improvement in the days ahead, more so, the company is poised to take advantage of the opportunities inherent in the insurance marketplace.