An underwriting firm, Sanlam General Insurance Nigeria has said 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 disaster struck, having paid a premium to insure their assets earlier.
This is the industry attests to the fact that a genuine claim would always be honoured by the operators when unforeseen circumstances happen to the asset insured.
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 n 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 Annual Growth Rate (CAGR) of 31 per cent in Profit Before Tax (PBT) from 2018 to 2022, which demonstrates Sanlam General Insurance’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 maximizing returns on investment for its shareholders.
Between 2018 and 2022, the company, due to its strategic prowess, grew its gross premium written (GPW) from N4.6 billion in 2018 to N11.4 billion in 2022.
Speaking on this development, the MD/CEO of Sanlam General Insurance Nigeria Limited, Bode Opadokun expressed satisfaction with the remarkable growth in its 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.”
He added that Sanlam’s successes over the past five years are a testament to its drive and penchant for commitment, financial sustainability, and resilience. He further stated that “as we continue to grow and expand our operations, we remain focused on providing our customers with premier insurance solutions.”
