November 28, 2022

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Sovereign Belief Insurance coverage settles N3.7bn real claims in 2021


The Sovereign Belief Insurance coverage Plc, in 2021 settled claims totaling N3.7 billion to numerous policyholders unfold throughout the nation, with affirmed dedication and capability to honour all real claims as and when due.

The Head of Company Communications and Investor Relations for the organisation, Mr. Segun Bankole whereas sharing info concerning the corporate’s preparation for its twenty seventh Annual Normal Assembly, stated the underwriting agency little question confirmed nice resilience amidst the varied challenges that characterised the working setting in 12 months 2021.

Regardless of the challenges of 2021, the corporate ended the monetary 12 months below overview with an excellent sense of optimism that the times forward will proceed to look brighter and higher.

The corporate recorded Gross Premium Written of N12.7 billion over N11.1billion recorded in 2020 representing a 14.4 per cent enhance.

The Web Premium Revenue equally grew by 11.2 per cent from the sum of N6.5 billion in 2020 to N7.2 billion in 2021.

Additionally, it achieved Revenue After Tax of N974 million as in opposition to N687 million recorded in 12 months 2020 representing a rise of 42 per cent.

The Revenue Earlier than Tax equally elevated from N796 million in 2020 to N885million within the 12 months 2021 representing an 11 per cent progress fee, whereas Earnings Per Share improved by 42 per cent from 8kobo in 12 months 2020 to 11.34 kobo in 2021.

The scale and high quality of the steadiness sheet equally improved as whole belongings of the Firm elevated from N14.8 billion to N16.3 billion representing 11 per cent progress whereas shareholders Fund elevated by 11 per cent additionally from N8.6 billion in 2020 to N9.6 billion in 2021.

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In all, the Firm recorded a modest monetary efficiency within the 12 months below overview as its unfavourable Retained Earnings improved by 72 per cent from N829 million in 2020 to N236 million in 2021.

The Managing Director and Chief Govt Officer of the corporate, Mr. Olaotan Soyinka, in his remark attributed the efficiency to the dedication proven by each member of workers who he described because the Drivers of the group coupled with the actual fact, that the corporate’s Administration can also be devoted to making sure that the corporate takes its place of pleasure within the business.

In line with him, “it’s a assertion of incontrovertible fact that we need to be a number one model within the Insurance coverage Trade offering top-notch and personalised companies to all our teeming clients unfold throughout the corporate with the assist of our know-how infrastructure.” Our 2021 efficiency was not fortuitous, we labored in direction of it and immediately, we are able to confidently say that we’ll proceed to higher our efficiency as a lot as we are able to whereas putting severe premium on company governance, ethics and guaranteeing superior funding returns within the days forward.

In the meantime, Bankole, stated that Thursday, August 18, 2022, has been set because the date to for the corporate’s twenty seventh Annual Normal Assembly having been granted approvals for its 2021 Annual Report and Accounts by the Nationwide Insurance coverage Fee, NAICOM, and the Nigerian Alternate Restricted, NGX, respectively.

The Assembly this 12 months, could be held on the Bay Lounge Corridor, Block 12A, positioned on 10, Admiralty Highway, Lekki, Section 1, Lagos.

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