Olaotan Soyinka, MD/CEO, Sovereign Trust Insurance Plc
PRESS RELEASE—Sovereign Trust Insurance Plc has continued in its growth trajectory as the Underwriting Firm significantly grew its Gross Premium Written in the third quarter of 2018 by 27% above what was generated in the same period of 2017 with a sum of N2b, from N7.3b to N9.3b. Net Premium rose from N3.5b to N4.1b in the third quarter of 2018, representing 17% increase.
The company’s total Assets also increased by 7% in the quarter under review from N9.7b to N10.4b.
As expected of an Underwriting Firm that has generated more business than it did in the previous quarter of 2017, the claims expense of the company slightly increased by 2% from N1.2b in Q3 of 2017 to N1.3b in the same quarter of 2018.
Consequently, the Profit before Tax deepened by 16% from N716m to N601m in Q3 of 2018. There was a decline also in the Profit after Tax from N667m to N543m, representing a 19% decrease in the quarter.
All said and done, Sovereign Trust Insurance Plc is really poised to ending the year on a very positive note going by the recent trend of its consistent growth rate.
It is almost certain that the Underwriting Firm will close the 2018 financial year on a 2-digit billion figure by all indication; a feat that will be considered historical for the more than 2 decades Firm that is yet to hit that mark. No doubt, the company is very much on course in delighting its numerous shareholders across the nook and cranny of Nigeria and beyond. Better days are indeed ahead.