Sanlam General Insurance grows premium to N16.1bn FY

Sanlam General Insurance Nigeria Limited, a subsidiary of Sanlam Life Insurance Nigeria, has reported strong financial results for the 2023 financial year, posting a Gross Premium Written of N16.1 billion, a 41 percent increase from 2022 performance.

The company also kept to its side of the insurance contract with claims payout amount to N3.9 billion at the end of 2023, indicating a 26 percent increase.

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These figures represent a notable increase, showcasing the company’s growth and commitment to customer satisfaction.

Sanlam’s profit before tax also surged by 134 percent, climbing from N1.8 billion in 2022 to N4.4 billion in 2023, while its total assets grew by 42 percent, increasing from N16.1 billion to N22.8 billion during the period under review, underscoring the company’s strong financial position and ability to meet its obligations.

Commenting, Bode Opadokun, managing director/CEO of Sanlam General Insurance, expressed his satisfaction with the company’s financial performance, particularly the growth in profit before tax, shareholders’ funds, and total assets.

Opadokun reaffirmed the company’s dedication to excellence, noting that settling genuine claims remains the insurer’s highest priority. He said: “We are fully committed to earning and maintaining our clients’ trust through exceptional service and prompt delivery.”

“Our focus on delivering innovative, customer-centric insurance solutions has been instrumental in achieving these results. We are committed to providing unmatched value to our shareholders and ensuring our customers receive top-tier financial protection.”

With a robust portfolio of personal and business insurance solutions, Sanlam continues to play a pivotal role in reducing financial uncertainty and fostering economic growth across Nigeria.

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The company’s ongoing success not only empowers individuals and businesses but also contributes to the broader stability and development of the Nigerian economy.

Sanlam is a pan-African brand with a rich history and heritage founded in 1918 as a life insurance company. The brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 27 countries on the African continent, and a niche presence in India, Malaysia, the United Kingdom and Australia. Indeed, Sanlam operates in eight out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders, and the broader society.