Insurance company, Sterling Assurance Nigeria Limited, grew its profit before tax to N794m in the 2023 financial year from N601m in the preceding year, marking a 32 per cent appreciation.
This was disclosed by the Chairman of the company, Dr Fatai Lawal, while presenting the 2023 financial report during its 25th Annual General Meeting in Lagos recently.
The meeting provided a platform to discuss the company’s performance over the past year and outline strategic plans for the future.
In his address, Lawal highlighted key financial metrics that underscored the company’s resilience and growth in a challenging economic environment.
In the period under review, Lawal said that “Sterling Assurance reported a Gross Written Premium of N5.9bn for the fiscal year 2023, representing a 20 per cent increase compared to N4.9bn in 2022; insurance revenue increased to N5.041bn from N4.96bn in the year 2022;
“Insurance service results increased to 1.98bn from 1.39bn in 2022, indicating a growth rate of 42.1 per cent. Profit Before Tax also increased to N794m from N601m in 2022, representing a 32 per cent increase. The company’s total assets also increased to N8.922bn compared to N6.703bn in the year 2022, representing a 34 per cent increase.”
In his closing remarks, the chairman appreciated all the shareholders for their continued support and confidence in the company.
Sterling Assurance Nigeria Limited was incorporated in 1990 and provides competitive services for all categories of General Insurance. Its insurance covers are backed up by adequate reinsurance arrangements with reinsurance organisations such as Africa Re, OMAN Re, Continental Re, WAICA Re, PTA Re, Kenya and AVENI Re.
Sterling Assurance Nigeria Limited said it is focused on providing sound risk management services, wealth creation and profit optimisation as well as being socially responsible.