Sovereign Trust Insurance Plc has said its gross premium written rose by N20 per cent in 2022 financial period.

The Deputy General Manager/Head, Corporate Communications & Investor Relations, STI, Olusegun Bankole, disclosed this in a statement on the company’s 2022 audited financials approved by the industry’s regulator, National Insurance Commission.

In spite of the challenging operating environment in the country in 2022, the underwriting firm noted that it maintained its growth path.

The Managing Director and Chief Executive Officer, STI, Mr Olaotan Soyinka, said the performance of the company in 2022 was encouraging, considering the various business challenges that the insurance industry had to deal with in the past year.

He said there was room for improvement as the firm was prepared take advantage of the opportunities inherent in the insurance marketplace.

He said, “Sovereign Trust Insurance Plc recorded a total of N15.2bn gross premium written in 2022 as against the sum of N12.7bn that was written in 2021, representing a 20 per cent growth rate for the year.

“It is quite interesting to note that the company also recorded a nine per cent increase in its profit before tax of N962m as against N885m recorded in year 2021.

“Equally of note is the increase in the company’s total equity which also grew by nine per cent from N9.6bn in 2021 to N12.4bn in 2022.”

He said the management of the company was committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders.

“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,” he said.