Sovereign Trust Insurance Grows Profit By 17% In Q3

Sovereign Trust Insurance Grows Profit By 17% In Q3
Sovereign Trust Insurance Grows Profit By 17% In Q3

Sovereign Trust Insurance Plc, has said that it recorded 17 per cent growth in profit in its unaudited financial Statement for the third quarter 2021.

The Managing Director and Chief Executive Officer of the Company, Mr. Olaotan Soyinka said the result reflected the realities of the times and that the company was undaunted and would continue to remain focused in ensuring that it kept up with its obligations as a very dynamic and responsive corporate entity.

The company recorded a growth of 10 per cent in its Profit Before Tax totaling N701million as against N600 million recorded in the corresponding period in year 2020 while profit after tax increased by 13per cent from N537 million to N606 million in the period under review. The gross premium written also grew by 17 per cent from N8.4billion in 2020 to N9.8bilion in 2021 third quarter.

Olaotan, said one other very significant highlight of the 2021 Q3 unaudited result was the increase in the net premium of Sovereign Trust from N3.2billion in 2020 third quarter to N4.3billion in third quarter of 2021 representing a 31 percent growth rate in the net premium written of the company.

The Company’s total assets also grew by 11 per cent in the period under review from N12.6billion in September of 2020 to N14billion in the corresponding period of 2021. Total equity also grew by 12 percent from N8.2billion in the corresponding period of 2020 to N9.2billion in third quarter of 2021. Earnings per share of the underwriting firm increased from 5.28k in September 2020 to 6.18k in September 2021. Net assets per share also took a leap from 57k in the corresponding period of 2020 to 81k in the same period of 2021.

The Managing Director while briefing newsmen in Lagos said the management of the company was committed to meeting and surpassing the expectations and aspirations of its shareholders and other stakeholders as the company remained focused on her strategic objective of accelerating the growth of the company through asset base, revenue, and profitability in the years ahead.