Despite the dwindling state of the economy amidst the challenges of the post-COVID-19 experience, which has led to so many businesses grappling for survival including the Insurance Industry in 2021, Sovereign Trust Insurance Plc has again, proved to be a very resilient underwriting organization that is determined to rise above board in the midst of so many obstacles.
Just recently, the unaudited third quarter result of the Company was made public on the Floor of The Nigerian Exchange Limited.
Mr. Olaotan Soyinka, the Managing Director and Chief Executive Officer of the Company, said the result reflects the realities of the times and that the Company is undaunted and will continue to remain focused in ensuring that the Company keeps up with its obligations as a very dynamic and responsive corporate entity.
The Company recorded a growth of 17 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 13 per cent from N537 million to N606million in the period under review. The gross premium written also grew by 17per cent from N8.4billion in 2020 to N9.8billion in 2021 third quarter.
The also reported an increase in the net premium from N3.2billion in 2020 third quarter to N4.3billion in third quarter of 2021 representing a 31 per cent growth rate. 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 12per cent 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.