WED 24 NOV, 2021-theGBJournal- Sovereign Trust Insurance Plc recorded a growth of 17% in its Profit Before Tax to N701 million as against N600 million recorded in the corresponding period in 2020 while profit after tax increased by 13% from N537 million to N606 million in the period under review.
The gross premium written also grew by 17% from N8.4b in 2020 to N9.8b in 2021 third quarter.
One other very significant highlight of the 2021 Q3 unaudited result is the increase in the net premium of the company from N3.2b in 2020 third quarter to N4.3 billion in Q3 of 2021, representing a 31% growth rate in the net premium written of the company.
The Company’s total assets also grew by 11% in the period under review from N I 2.5b in September of 2020 to N14 billion in the corresponding period of 2021. Total equity also grew by l2% from N8.2b in the corresponding period of 2020 to N9.2b 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 lo 81k in the same period of 2021.
The Managing Director and Chief Executive Officer, Mr. Olaotan Soyinko said the result reflects the realities of the times and that the Company will continue to remain focused in ensuring that it keeps up with its obligations as a very dynamic and responsive corporate entity.
Sovereign Trust delivered the performance despite, and proving it’s resilience in the underwriting space, amidst the dwindling state of the economy amidst the challenges of the postcovid-19 experience, which has led to so many businesses grappling for survival including the insurance industry in 2021.
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