Sovereign Trust Insurance Plc has announced a significant increase in its gross premium written during the 2022 financial period.

The company reported a growth rate of 20%, equivalent to N15.2 billion, compared to N12.7 billion in 2021.

The audited financials for 2022, approved by the National Insurance Commission, highlight the company’s ability to maintain its growth trajectory despite the challenging operating environment in the country.

Mr Olaotan Soyinka, the Managing Director and Chief Executive Officer of STI, expressed satisfaction with the company’s performance, considering the various challenges faced by the insurance industry in the past year.

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He emphasized the potential for further improvement and stated that the company is well-positioned to capitalize on opportunities within the insurance marketplace.

The financial report also revealed a nine percent increase in profit before tax, rising from N885 million in 2021 to N962 million in 2022.

Furthermore, the company’s total equity grew by nine percent, reaching N12.4 billion in 2022, compared to N9.6 billion in the previous year.