Sanlam General Insurance Nigeria Limited has announced significant financial growth for the 2023 financial year, reporting a Gross Premium Written (GPW) of N16.1 billion and claim payouts totaling N3.9 billion. This was disclosed by the company’s Managing Director and Chief Executive Officer, Mr. Bode Opadokun, in a statement made on Monday in Lagos.
The company’s performance in 2023 marks a 41% increase in gross premiums and a 26% rise in claim payouts compared to the previous year. Opadokun highlighted that Sanlam’s profit before tax experienced a substantial surge of 134%, climbing from N1.8 billion in 2022 to N4.4 billion in 2023.
The insurer’s total assets also grew by 42%, rising from N16.1 billion to N22.8 billion within the same period, reflecting the company’s solid financial foundation and its capacity to meet obligations.
“We are pleased with the growth in profit, shareholders’ funds, and total assets,” said Opadokun, expressing his satisfaction with the company’s financial standing. He reiterated the company’s commitment to settling genuine claims swiftly, which remains a key focus in ensuring customer satisfaction.
“Our dedication to delivering innovative and customer-centric insurance solutions has been central to these results,” Opadokun added. He emphasized Sanlam’s commitment to providing high-quality financial protection to customers, while delivering value to shareholders.
Sanlam offers a broad portfolio of personal and business insurance products, contributing not only to financial security for individuals and businesses but also to the broader economic stability and development in Nigeria.
Sanlam General Insurance is a subsidiary of Sanlam Life Insurance, a pan-African brand with a strong presence in 27 African countries, as well as niche markets in India, Malaysia, the UK, and Australia. Founded in 1918 as a life insurance provider, Sanlam has grown into a leading player in the insurance industry across multiple continents.
