Insurance World

Sovereign Trust Grows Gross Premium By 34.9% FY17




BY NKECHI NAECHE—–Sovereign Trust Insurance Plc on Wednesday announced a growth of N8.5billion in its Gross Premium Written for the financial year ended 31st, December 2017.

Disclosing this to insurance journalists, the company said its gross premium written rose by 34.9 percent from N6.3b written in 2016 to N8.5billion in 2017.

The company started 2018 Financial Year on a very good note with a Gross Written Premium of N5.2billion reported in first quarter (Q1) 2018 as against the N4.1billion that was written in the same period in 2017; representing an increase in growth rate of 25.7%.

The Gross Premium Income also grew by 30% from N3.8billion that was generated in the first quarter of 2017 to N4.9b in the first quarter of 2018.
Another positive highlight of the 2018 first quarter performance of the Underwriting Firm is in its underwriting profit which increased by N182m from N746m in the first quarter of 2017 to N928m in the same corresponding period giving a growth rate of 24.5%. The Profit before Tax hit a 28% increase as it grew from N488million in the first quarter of 2017 to N625millon in the same period of 2018 while Profit after Tax also leapt from N437million  in Q1 2017 to N560million in the first quarter of 2018, representing a growth rate of 28% as well.
Above all, it is very pertinent to note that the Underwriting Firm has become very resolute in maintaining a positive performance scorecard with regards to its operations and by extension, consolidate on the confidence that has been reposed in it by the insuring public and the numerous shareholders of the company.


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