2024: Growth, Challenges, and Strategic Adjustments.

The 2024 financial year was marked by rapid revenue expansion but also heightened cost pressures as a result of regulatory changes and rising claims.

• 
  

  Insurance revenue grew sharply, climbing from ?5.04 billion in 2023 to ?8.88 billion in 2024, a 76% increase.

  
  


• 
  

  However, increased insurance service expenses — driven by IFRS 17 adjustments, higher claims payments, and strengthening of reserves — led to an insurance service loss of ?1.13 billion.

  
  


• 
  

  After factoring in investment income and foreign exchange gains, profit before tax stood at ?170.2 million, while profit after tax was ?24.4 million.

  
  

Although profitability was pressured, Sterling Assurance was able to maintain stability by leveraging a conservative investment portfolio and effective risk management practices.