Insurance World

Sovereign Trust Insurance Lifts Profit By 25% To N489m In Q1 2022

BY NKECHI NAECHE-ESEZOBOR–Sovereign Trust Insurance Plc (the Company) has released its unaudited account  for the period ended 31 March 2022 with 25% rise in profit after taxation to N489 million from  N392m in the first quarter of 2021.

Profit Before Tax grew by 19% in the first quarter of 2022 to the sum of N609m as against the sum of N510m in the same corresponding period of 2021,

The total Gross Premium witten in the first quarter of 2022 amounted to N7.35b while in 2021, the total Gross Premium written was put at N5.37b in the same period under review, giving a 37% growth rate over the performance of 2021.

The Total Equity also grew by 12% from N9b in the first quarter of 2021 to N10.1b in the same corresponding period of 2022.

Interestingly, as a result of the Company’s improved claims administration and processes backed by top-notch technology, the claims payout in the first quarter of 2022 stood at N946 million as against the figure of N1.26b paid on claims in the same corresponding period of 2021.

Net claims expense also reduced by 16% from N965million  in the first quarter of 2021 to N808million in the first quarter of 2022.

Earnings per Share grew from 3.45kobo in Q1 of 2021 to 4.3kobo in the same corresponding period of 2022. The Net Assets per Share also grew from 79.4kobo in the first quarter of 2021 to 88.9kobo in Q1 of 2022.

Notwithstanding the harsh operating environment that has beclouded the operations of so many insurance companies and other corporate organizations in the first quarter of the year especially at a period when the country is preparing for another general election come 2023, Sovereign has been able to record meaningful appreciation in all its financial indices going by its first quarter unaudited financial statements. The future indeed, looks very promising.

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