Policyholders receive N10.5 billion as claims in five years, says Sanlam

An underwriting firm, Sanlam General Insurance Nigeria, said its policyholders who suffered insured risks in the country have claimed a total of N10.5 billion in the last five years.

According to the underwriter, the amount was paid to reinstate the insured back to the earlier financial position before their losses, having paid a premium to insure their assets.

The insurer also sustained a healthy claims ratio from 21 per cent in 2018 to 29 per cent in 2022. It increased its liquidity ratio from 60 per cent in 2018 to 66 per cent in 2022, indicating its ability to meet its short-term obligations and ensure financial stability.

The insurer, in its financial performance, reported profit growth and healthy shareholders’ returns in the last five years as its assets grew by 16 per cent, from N9.4 billion in 2018 to N17 billion in 2022.

The firm boasts of its robust financial position and ability to meet its financial obligations to its clients.

Similarly, the company posted a compound yearly growth rate (CAGR) of 31 per cent in profit before tax (PBT) from 2018 to 2022, which demonstrates Sanlam’s ability to create value for its stakeholders.

Its shareholders’ funds also witnessed a CAGR of 12 per cent during the same period, increasing from N5.1 billion in 2018 to N8.2 billion in 2022. This impressive growth in shareholders’ funds affirms the company’s commitment to maximising returns on investment for its shareholders.