Sanlam grows profit by 31% amid economic wobbles

Sanlam grows profit by 31% amid economic wobbles

Sanlam General Insurance Nigeria Ltd, said it recorded a Compound Annual Growth Rate (CAGR) of 31 per cent in Profit Before Tax (PBT) as part of its commitment to providing unparalleled financial confidence to its customers even amid several socio-economic challenges between 2018 to 2022.

Its Marketing and Corporate Communications Manager, Ajibola Liyide, in a statement said the feat  demonstrates Sanlam’s ability to create value for its stakeholders whose funds  witnessed a CAGR of 12per cent during the same period, increasing from N5.1billion in 2018 to N8.2billion in 2022. This impressive growth affirms the company’s commitment to maximising returns on investment (ROI).

Read:  ACCA honours Lagos, Sanwo-Olu, others over 800 trained accountants

“Between 2018 and 2022, the company, due to its strategic prowess, grew its GPW from N4.6billion in 2018 to N11.4billion in 2022. The insurer paid N10.5billion to its different policyholders on claims settlements in the five (5) years under review.

Sanlam assets hit 16 per cent (CAGR), from N9.4billion in 2018 to N17billion in 2022. This reflects the company’s robust financial position and ability to meet its financial obligations to its clients.

Read:  CBN reverses rates on intervention loans to 9%

“We maintained a healthy claims ratio from 21 per cent in 2018 to 29 per cent in 2022, and increased liquidity ratio from 60per cent in 2018 to 66 per cent in 2022, indicating our ability to meet our short-term obligations and ensure financial stability”

Reacting, the MD/CEO of the insurer, Bode Opadokun expressed satisfaction on the remarkable achievements saying, “Our commitment to providing innovative and customer-centric insurance solutions has enabled us to achieve these impressive results. “At Sanlam, we remain committed to delivering unmatched value to our shareholders while providing our customers with unparalleled financial protection. We are confident that our continued focus on driving innovation and excellence in service delivery will further improve our financial performance and create long-term value for our stakeholders.”

Read:  Linkage assurance pays N8.01bn claims In 3yrs

He added that Sanlam’s successes was a testament to its drive and penchant for commitment, financial sustainability and resilience. “As we continue to grow and expand our operations, we remain focused on providing our customers with premier insurance solutions” he added.


Related posts

SMEs critical for sustainable development – Lagos commissioner


CBN to regulate volume of cash in circulation


eNaira website goes live, displays CBN digital currency features


Fidson to pay shareholders 50kobo dividend


Hunting for value in stock market


Purple concludes N5bn sukuk bonds issue, achieves 100% subscription


Leave a Comment