BY NKECHI NAECHE-–Nigeria’s top underwriting firm, Sovereign Trust insurance Plc, on Thursdsy said that despite the challenging economic environment that characterized operations of most businesses in the country in 2018, the company once again put up a brilliant performance in the year under review when compared with 2017.
Speaking on its performance, the Managing Director and Chief Executive Officer of the Underwriting Firm, Mr. Olaotan Soyinka said the development is a very heart-warming one considering the level of work that was put in place in 2018.
“It is quite interesting to note that the company recorded a phenomenal leap of 167 percent in its Profit Before Tax totaling N540m as against N202m recorded in year 2017.
He added thst the Gross Premium written in 2018 stood at N10.5billion compared to the N8.5billion written in 2018, representing a 23 percent increase. Another outstanding highlight of the 2018 accounts which could be described as very encouraging is the rise in the company’s profit after tax to N344m as against N157m in 2017 representing 118 percent increase. As the company grew its balance sheet in 2018, so did it also increase its claims payout? In 2018, a total of N4.2b was paid as claims against N1.9b that was paid in 2017.
Net claims expense grew to N1.7b from N1.3b in 2017. This in a way underscores the company’s claims paying ability resulting in a 37% net claims expense. The total assets also grew by a marginal 5% to N11.3b in 2018 from N10.8b in 2017.
He said the management of the company is really committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike. “These performance levels are a confirmation of the management’s determination to effectively and strategically position the company as one of the leading insurance companies in the country while at the same time propel the company to a profitable height for shareholders’ delight”.