Sanlam General Insurance generates N16.1bn premium, pays 3.9bn claims

Sanlam General Insurance Nigeria Limited has reported a gross premium written of N16.1 billion and claims payouts totalling N3.9 billion for the 2023 financial year.

Mr. Bode Opadokun, Managing Director/Chief Executive Officer (CEO) of the insurance company, announced this in a statement on Monday in Lagos.

Opadokun said that these figures represented an increase of 41 percent and 26 percent, respectively, from the previous year, showcasing the company’s growth and commitment to customer satisfaction.

He said that Sanlam’s profit before tax also surged by 134 percent, from N1.8 billion in 2022 to N4.4 billion in 2023.

According to him, the firm’s total assets grew by 42 percent, increasing from N16.1 billion to N22.8 billion during the period under review.

He said that it underscored the company’s strong financial position and ability to meet its obligations.

Opadokun expressed satisfaction with the company’s financial performance, particularly the growth in profit before tax, shareholders’ funds, and total assets.

He reaffirmed the company’s dedication to excellence, noting that settling genuine claims remains the insurer’s highest priority.

“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 that our customers receive top-tier financial protection, he said.

The managing director said that with a robust portfolio of personal and business insurance solutions, Sanlam continued to play a pivotal role in reducing financial uncertainty and fostering economic growth across Nigeria.

He said that the company’s ongoing success not only empowered individuals and businesses but also contributed to the broader stability and development of the Nigerian economy.

The News Agency of Nigeria (NAN) reports that Sanlam General Insurance, a subsidiary of Sanlam Life Insurance, is a pan-African brand founded in 1918 as a life insurance company.

The brand has grown, with a strong presence in 27 countries on the African continent and a niche presence in India, Malaysia, the United Kingdom, and Australia.