Sanlam General Insurance Nigeria Ltd., on Tuesday, said it paid N10.5 billion as claims settlements to different policyholders in the last five years.
Mr Bode Opadokun, Managing Director/Chief Executive Officer (CEO) of the company said this in a statement made available to newsmen in Lagos.
Opadokun said the insurer maintained a healthy claims ratio from 21per cent in 2018 to 29 percent in 2022.
He stated that the underwriting firm in the last five years also sustained a year-on-year surge in its Gross Premium Written (GPW), amid the socio-economic wobbles.
The managing director revealed that the company’s financial statements recorded a Compound Annual Growth Rate (CAGR) of 31 percent in Profit Before Tax (PBT) from 2018 to 2022.
Opadokun noted that this demonstrated the insurer’s ability to create value for its stakeholders.
According to him, the underwriting firm’s shareholders’ funds also witnessed a CAGR of 12 percent during the same period, increasing from N5.1 billion in 2018 to N8.2 billion in 2022.
He explained that the impressive growth in the shareholders’ funds affirms the company’s commitment to maximising returns on investment for its shareholders.
“Between 2018 and 2022, the company, due to its strategic prowess, grew its GPW from N4.6 billion in 2018 to N11.4 billion in 2022.
“Sanlam General reported remarkable profit growth and healthy shareholders’ returns in the same period under review, as its assets hit 16 percent CAGR from N9.4 billion in 2018 to N17 billion in 2022.
“This reflects the company’s robust financial position and ability to meet its financial obligations to its clients, ” he said.
According to him, the insurer increased its liquidity ratio from 60 percent in 2018 to 66 percent in 2022, indicating its ability to meet its short-term obligations and ensure financial stability.
Opadokun expressed satisfaction on the remarkable growth in the company’s profit before tax, shareholders’ fund and total assets over the past five years.
He said: “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.
The managing director stated that Sanlam’s successes over the past five years are a testament to its drive and penchant for commitment, financial sustainability and resilience.
Opadokun added that as the insurance firm continues to grow and expand its operations, it would remained focused on providing its customers with premier insurance solutions.
Sanlam is a Pan-African brand founded in 1918 as a life insurance company and has grown to become Africa’s largest non-banking financial services group, with strong presence in 33 countries on the African continent.
The insurance firm is committed to providing unparalleled financial confidence to its customers and superior value to its shareholders and the broader society.