Olaotan Soyinka, MD/CEO STI
BY NKECHI NAECHE-ESEZOBOR–Sovereign Trust Insurance PLC a major player in Nigeria’s insurance sector has released its statements of comprehensive income for the period ended 30th September 2021 with a growth of 17% in its Profit Before Tax totaling N701m as against N600m recorded in the corresponding period in year 2020 .
According to statement released by the company’s DGM/Head, Sales/ Corporate Communications, Olusegun Bankole, profit after tax increased by 13% from N537m to N606m 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.
The insurer’s Net premium increased from N3.2billion in 2020 to N4.3billion in third quarter 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 N12.6billion in September of 2020 to N14billion in the corresponding period of 2021.
Total equity also grew by 12% 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 while Net assets per share also took a leap from 57k in the corresponding period of 2020 to 81k in the same period of 2021.
Speaking on its performance, the Managing Director and Chief Executive Officer of the Company, Mr. Olaotan Soyinka 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.
He said the Management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and other stakeholders as the company remains focused on her strategic objective of accelerating the growth of the Company through asset base, revenue, and profitability in the years ahead.
