Tuesday, August 9, 2022
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Sovereign Trust Insurance’s profit rises by 42%

Sovereign Trust Insurance Plc’s profit after tax rose by 42 per cent in the 2021 financial period.

The Managing Director and Chief Executive Officer of the underwriting firm, Mr Olaotan Soyinka, disclosed this in a statement on its 2021 financial performance.

He stated that the “Company recorded a leap of 42 per cent in its profit after tax of N974m as against N687m recorded in year 2020.

“Profit before tax equally increased as well from N796m in 2020 to N885m in the year under review, representing an 11 per cent growth rate.

“The gross premium written in 2021 stood at N12.7bn compared to the N11.1bn written in 2020, representing an increase of 14 per cent.”

According to the statement, highlights of the result showed that the company’s total assets rose from N14.8bn to N16.3bn in 2021 representing 11 per cent increase. In 2021, a total of N3.7bn was paid as claims against N2.9bn that was paid in 2020.”

It said this showed the company’s claims paying ability.

The statement said net premium income grew by 11 per cent, from N6.5bn to N7.2bn in 2021. Earnings per share grew from N8 kobo to 11.3kobo in 2021, while the total equity grew by 11 per cent, from N8.6bn in 2020 to N9.6b in 2021.

The managing director said, “These performance levels are a confirmation of the management’s determination to effectively and strategically position the company as one of the leading insurance companies in the country while at the same time, propel the company to a profitable height for shareholders’ delight” in the years ahead.”

 

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