Underwriter grows revenue by 32 per cent

Amid the economic struggle, an underwriter, Sterling Assurance, said it grew insurance revenue by 32 per cent in the 2023 financial year.

The insurer’s profit before tax increased to N794 million from N601 million in 2022, representing a 32 per cent increase.

Speaking on the performance during the 25th yearly general meeting of the insurer in Lagos, the Chairman of the company, Dr Fatai Lawal, highlighted key financial metrics that underscored the company’s resilience and growth in a challenging economic environment.

Lawal explained that the financial performance showed that, the underwriter reported a Gross Written Premium of N5.9 billion for the fiscal year 2023, representing a 20 per cent increase compared to N4.9 billion in 2022.

“Insurance revenue increased to N5.041 billion from N4.966 billion (restated) in 2022. Insurance service results increased to 1.98 billion from 1.39 billion in 2022, indicating a growth rate of 42.1 per cent. Total assets increased to N8.922 billion as against N6.703 billion in the year 2022 representing a 34 per cent increase,” he said.

The meeting provided a platform to discuss the company’s performance over the past year and outline strategic plans.

The shareholders upheld the approval of principal officers as approved by the regulator, National Insurance Commission (NAICOM).